My uncle sold a house i lived in for 21 years for 270,000. i got 1/3 of the profit. ie 76000. my question is do i have to pay taxes on my share? and how much. thank you

[johnethan2]

my uncle didnt live at the residence and he is married. my father and i did. iam single as well as my father

[Critter-3]

If your Uncle sold a home that  he alone owned then  he is the one that needs to report the sale and pay the taxes if he had a profit.   You & your dad  living in the home is immaterial to you.

From the sale he made you a GIFT (no matter where the money came from) which is not deductible to him or taxable to you. 

[Mike9241]

who owned it and in what %s?  also without knowing tax basis there's no way we can tell you what taxes might be owed and by whom. Except: 1) it seems that your uncle owned at least part of the home but did not live there for 2 out of 5 years before the sale. he will owe taxes on any gain. 2) if you didn't have an ownership interest, your uncle made a tax-free gift to you. you will owe no taxes and he will have to file a gift tax return. 

[Opus 17]

Firstly, if anything is taxable, it's not the amount of profit or sales proceeds.

Capital gains is the difference between the selling price and the cost basis.  Suppose the home was bought for $100,000 and sold for $500,000, but there was only $50,000 of cash because there was a $450,000 mortgage. The capital gains is still $400,000.

Second, it matters if you were a co-owner.  If you owned the home, and lived in it as your main home for at least two years, you can exclude up to $250,000 of capital gains.  You might have been a 1/3 owner, or a 1/2 owner, or something else, we don't know.   Or maybe you were not an owner but your father was. 

Third, if you were not an owner, then the owner who sold the home is responsible for all the taxes, and any money you got was a non-taxable gift.

Did you have to sign papers to sell the home?  Did your father have to sign papers?