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Yes, unfortunately, you will have to split the sale with your son. Each of you will have to split proceeds, expenses of sale, and basis 50/50. Then, you just have to work out the tax consequences among the two of you. It's a pain, but really the only way it can be done.
Yes, unfortunately, you will have to split the sale with your son. Each of you will have to split proceeds, expenses of sale, and basis 50/50. Then, you just have to work out the tax consequences among the two of you. It's a pain, but really the only way it can be done.
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