topic No mortgage. 3 on title. I lived here for 4 years. Will be selling. Will we have to pay taxes when we split the proceeds? in Deductions & credits

No mortgage. 3 on title. I lived here for 4 years. Will be selling. Will we have to pay taxes when we split the proceeds?

linkahoe — Tue, 04 Jun 2019 01:56:55 GMT

If you lived there for at least 24 months out of the last...

Vanessa — Tue, 04 Jun 2019 01:56:56 GMT

If you lived there for at least 24 months out of the last 5 years and your profit is less than $250,000 ($500,000 for Married Filing Jointly) then you would not pay taxes on it. If your profit is more than $250,000 ($500,000 Married Filing Jointly) then yes you would pay taxes on the amount over $250,000.

I should clarify. The title is in my name and my two dau...

linkahoe — Tue, 04 Jun 2019 01:56:58 GMT

I should clarify. The title is in my name and my two daughter's names. Only I lived in the house for four years. Will they have to pay taxes on their split of the proceeds?

Yes, they will have to pay taxes if they receive a share...

Vanessa — Tue, 04 Jun 2019 01:56:59 GMT

Yes, they will have to pay taxes if they receive a share of the profit since they have not lived there.

Re: Yes, they will have to pay taxes if they receive a share...

NCperson — Tue, 04 Jun 2019 12:30:46 GMT

Let’s clarify as the “if” is in the wrong place in Venessa’s response

If there were profits, the children are responsible for their fair share since they were on the title .... you can’t just move the profits around to avoid any taxes due