Hi Carl,
Thanks for the response.
When you infer that "we co-owned a rental property" is "we" two specifically named individuals that are not related or married to each other?
- Two specifically named individuals that are not related.
Of is "we" in reference to a partnership that "we" were members of, which filed it's own 1056 partnership return each year?
- He was staying in the house. I wasn't staying at the house at all. It was his primary home for more than 5 years. I am living in another state all the time.
"Am i supposed to pay for the property gain?"
What does your partnership agreement legally obligate you to do? If there was a gain on the sale, there will be tax on that gain. The IRS doesn't care who pays it. But I guarantee you it will be paid one way or the other, sooner or later.
- Unfortunately we did not layout the partnership agreement. The check was sent to our (me and co-owner) POA. POA distributed the profit to us( me and co-owner). Who is responsible to pay the property gain?
