Posted on: 14th May, 2009 01:02 am
my mother signed her house over to the four children 2 years ago. 3 of us have 20% interest each and one has 40% interest. The one with 40% is buying us out with each of us getting $44,000.00 each. What is my tax obligation on that $44,000.00. The house was originally bought for $10,000.00 in 1949 and is worth $300,000.00 now.
Hi heinz,
You will have to pay taxes on $44,000.00. I would suggest you to contact a tax assessor and get his opinion in this issue. He will be the best person to let you know how much tax you need to pay.
Take Care.
You will have to pay taxes on $44,000.00. I would suggest you to contact a tax assessor and get his opinion in this issue. He will be the best person to let you know how much tax you need to pay.
Take Care.
yes right sara , you should contact tax assesor