I think the answer you rejected is about a good an answer as you could expect based on the information you provided in your question.

If you anticipate precise answers to your question, you need to provide precise information.......

What was the purchase price of the property?

What is its current fair market value?

"Investment" covers some territory. What kind of investment?

Rental property? If so how much has been depreciated so far?

Just holding it, waiting for appreciation in value before you sell?

You ask, "Is there a way to say that I am just paying the mortgage..." No, we don't "just say" anyone is paying the mortgage. The records should be clear - whose checks paid the mortgage payments? That is THE DOCUMENTATION of WHO paid the mortgage.

If you can provide greater detail of your situation, we are anxious to provide you with the answer(s) you seek.

We look forward to hearing from you further.

 

I need more information to answer you correctly.

1. Is your mother selling the house to you?  If so, is she selling it at less than fair market value?

2.  Has the house been used for rental in the year of the sale?

3.  Are you also selling the house?

4.  Did either of you own the house more than 1 year?

5.  Did either of you own and live in the house more than 2 years of the 5 year period prior to the sale?

 6.  How did you acquire your portion of the house?

Edited by SkyHawks on 7/16/2004 at 6:29 PM