How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Wallstreet Esq. Your Own Question
Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 577
Experience:  10 years experience
Type Your Tax Question Here...
Wallstreet Esq. is online now
A new question is answered every 9 seconds

This year my father-in-law sold his house to his daughter.

Customer Question

This year my father-in-law sold his house to his daughter. There are 2 other siblings. Are they responsible to the "profit" made on the sale? Our tax accountant said "no" since the transaction only took one day. My father-in-laws accountant say the 2 siblings need to pay taxes on the profit of $1700 each?
Submitted: 6 months ago.
Category: Tax
Expert:  Lev replied 6 months ago.
We need to be clear WHO owned the property when it was sold?If the father-in-law was the only owner - other siblings would not be responsible.However if other siblings were listed on the title as co-owners - the situation would be different.
Expert:  Lev replied 6 months ago.
Let me know if you still need any help.

Related Tax Questions