You'll need to sign in or create an account to connect with an expert.
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.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
AugustRush1993
New Member
kritter-k
Level 1
crdixonaz
New Member
Audio82
New Member
owlcreekla
Level 1
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.