30 April 2019 10:43 | Le Kremlin-Bicetre
My mother and I bought a home last yr 10/01/2017,sold it on March 1st 2018.
Sold for 214k bought it for 194k,who reports cap gain me or her? First, you have to calculate the actual gain. You might not have much of one. You will need both closing statements. You bought for $194k, but what were the costs of buying? Lawyer's fee? Recording fees?
Survey or title insurance? Those are added to the purchase price to become your cost basis. Did you... show more Whoever put up the money has to say it was sold for the money or who has the lower tax bracket usually takes the profit. You can only give so much tax free to another person each year.
If you had reinvested in another property within 30 days no tax is due.