Need to know tax burden and IRS form to use
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You will have to pay Capital Gains tax rates if you have a gain on the sale and you owned the property for over a year. If you did not, the gain would be taxed at the same rate as your other income. The best way to calculate the tax burden would be to enter the sale in TurboTax.
This sale would be entered in the investment section. To get to this to the section:
Please see the IRS' FAQ Basis (Value) of a gift for instructions on how to determine the cost basis of your home.
Note: If you received a 1099-S for the sale of the home, make certain the proceeds are recorded for your share only. If not, contact the payer for a corrected form.
You will have to pay Capital Gains tax rates if you have a gain on the sale and you owned the property for over a year. If you did not, the gain would be taxed at the same rate as your other income. The best way to calculate the tax burden would be to enter the sale in TurboTax.
This sale would be entered in the investment section. To get to this to the section:
Please see the IRS' FAQ Basis (Value) of a gift for instructions on how to determine the cost basis of your home.
Note: If you received a 1099-S for the sale of the home, make certain the proceeds are recorded for your share only. If not, contact the payer for a corrected form.
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