You'll need to sign in or create an account to connect with an expert.
If she sells the property for a profit, she will have taxable reportable income. How much it affects your taxes will depend on the amount it is sold for. The higher the profit, the more she will pay in taxes, plus it will raise your overall income possibly having all of your income taxed at a higher rate than it is currently taxed at since it will increase your AGI.
If she sells the property for a profit, she will have taxable reportable income. How much it affects your taxes will depend on the amount it is sold for. The higher the profit, the more she will pay in taxes, plus it will raise your overall income possibly having all of your income taxed at a higher rate than it is currently taxed at since it will increase your AGI.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Fuzzy Red Baron
Returning Member
willkills
New Member
Ash94
New Member
green2ski
Level 2
MellowStudent
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.