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arreganti
Level 1
May 11, 2026
Question

Taxes on property

  • May 11, 2026
  • 1 reply
  • 209 views

My dad bought his house in 1997 for 55k and it’s on an acre of land. He wants to sell half of the acre to my sister which is about 165k now in 2026, does he have to pay taxes/capital gains on the sold half? He is 73 and retired. 

1 reply

P
Level 15
pk_Level 15
Level 15
May 11, 2026

@arreganti  Is he single ? What I asking for is if there is step-up  due to passing of a co-owner ( Please pardon my question).  Under ordinary circumstances,  ( and without knowing the full facts and circumstances), the re-platting of the whole original prop. and then sale of part most likely would result in taxable gain.   I would strongly suggest a consultation with a Tax professional or a CPA  to work out scenario for reduced tax liability.

IMHO

 

 

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