Posted on: 12th May, 2010 10:53 am
I have four brothers and our parents quitclaimed there condo into my name and my younger brother before we lost them last December. The condo has sold and is in escrow. The proceeds will be split five ways. Will my brother and I be responsible for capital gains?
Welcome Linda,
If there is a profit from the sale of the property, then you would be liable for the capital gains taxes. Consult a tax adviser and he would be able to guide you in a better way in this regard.
If there is a profit from the sale of the property, then you would be liable for the capital gains taxes. Consult a tax adviser and he would be able to guide you in a better way in this regard.