topic If I received 50,000 all profit by the end of 2017 on a multi owned house we sold that I did not live in will I have to claim it on my 2017 taxes? in Deductions & credits

If I received 50,000 all profit by the end of 2017 on a multi owned house we sold that I did not live in will I have to claim it on my 2017 taxes?

bunnyhophome — Wed, 05 Jun 2019 02:21:18 GMT

Who are "we?"

SweetieJean — Wed, 05 Jun 2019 02:21:19 GMT

Who are "we?"

"We" are the other owners of the house on the deed (all r...

bunnyhophome — Wed, 05 Jun 2019 02:21:21 GMT

"We" are the other owners of the house on the deed (all relatives) , we all are selling it. Only one of the owners is living in it (my mother). We have not received any money, the house is not sold yet, I’m just wanting to know what will happen tax wise if it does sell and I receive some money.

Yes. Since you did not live in the home, you may owe tax...

TomD8 — Wed, 05 Jun 2019 02:21:22 GMT

Yes. Since you did not live in the home, you may owe tax on your share of the capital gain. If the sale closed in 2017, you would report it on your 2017 tax return. https://turbotax.intuit.com/tax-tips/investments-and-taxes/5-things-you-should-know-about-capital-ga...