Yes, I do know that information for most part. Do I have to pay an estimate by April 18 to the IRS and CA. state? I did not work this year as I left my job in late 2021. I have been working on the house while my GF works and day trading. I might owe a little on that too, but I think I can figure that on here by just uploading the 1099s from the brokerages.
Here is my scenario. I am the beneficiary of a Trust that my brother is the Successor Trustee of. My father passed in August of 2021. There was basically a house for us to sell and split the proceeds.
We sold the house in March of 2022 and he paid my my half. The appraisal upon the date of my fathers house was for $510,000. We sold the house for $551,000. After closing costs the Title says the amount due to the Seller is $515,188.78.
My brother wrote me a check for $257,400. If you multiple that by two you get $514,800. That little difference is for him and a property tax thing.
So, essentially he and would pay capital gains taxes on the $5,188.78 difference between the appraisal price $510,000 on the house upon my father’s passing and amount we received as seller at $515,188.78 correct? So we would be paying capital gains on %5,188.78 total and we would split that between us at $2,594.39 right? That does not include deductions like a $2,000 staging fee we would also split? This is all confusing to me.
I'm not sure if there are any other really significant deductions in the closing cost or elsewhere. How would you estimate that by those numbers?
