My brother and I are selling our dads home in SC. We had the title changed to us about 6 years ago. He lived in it for 3 years until my mom passed and due to his health moved in with me in Ga. The house has been empty for 3 years. We are selling for 117,000. Will we owe captial gains?

ANSWER

Expert Barbara Blacklidge's Answer:

 You and your brother will each owe 50% capital gains tax on the gain between the basis and selling price of the house.

The following link contains excellent information which you may find helpful:

https://www.360financialliteracy.org/Topics/Home-Ownership/Buying-a-Home/What-is-the-basis-of-property-received-as-a-gift

Please let me know if you require further information or clarification.

Thank you and best regards,

Barb

Barbara Blacklidge, EA

Florida

17 yrs experience

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