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Good evening. No....all you need do when purchasing the property is to purchase it in the names of all three of you. There is no specific tax reporting that you need to do.
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You would each own an undivided 1/3 interest in the house...so if you purchased it for $300,000, you would each have a basis of $100,000 in the house. Then, let's assume you made no capital improvements over the 10 years and sold it 10 years later for $600,000. Then would each report proceeds of $200,000 which would give you each a $100,000 gain on the property. You would owe tax on this gain at the long term capital gain rate in effect at that time...and if it's the personal residence of any of you, if the capital gain exclusion from gain on the sale of a principal residence is still in effect, this would exclude you being liable for the tax on the gain.
I would appreciate it if you would please click the GREEN ACCEPT button so that I receive credit for my work; otherwise, though you have made a deposit, I do not receive credit.