@chutki0700 I agree that you should consult with an experienced tax professional in your area (whether that is an attorney or otherwise).
I disagree with @Mike9241 in the sense that his post implies that no one on this board is an attorney, specializing in real estate or taxation, a licensed real estate broker, or similarly qualified professional (although the users on this board are indeed "anonymous"). In fact, some who post here hold (or have held) multiple professional licenses.
