Solved: 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?
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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?

 
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Level 14

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?

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...

**Answers are correct to the best of my ability but do not constitute tax or legal advice.**

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Level 15

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?

Who are "we?"
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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?

"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.
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Level 14

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?

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...

**Answers are correct to the best of my ability but do not constitute tax or legal advice.**

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