Hello,
My mother who is retired now and I have inherited land from her mother(my grandmother). The land is in the Dominican Republic. I have dual citizenship (US and Dominican). We are planning to sell the inherited land this year or next year.
What would our tax burden in the US look like since the sale earnings from the property will be split 50/50?
Is it a good idea if the sale is only done in her name and all documentation is signed by her since she makes no income to lower the tax burden? the property's title is in both of our names.
Thanks
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@pk ?
Hello,
My grandmother was a Dominican citizen only. She passed away Nov. 2012. We received the property's title late 2016 (Oct-Dec.) time frame. My mother is also a US Citizen. and yes, 50/50 share of the sales.
The property price at the time of her passing was unknown and the property price at the time we received the title in 2016 was also unknown. I will have to find that information from the local appraisers. I look forward to your answers.
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