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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
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Experience:  10 years experience
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Family members own moms house for $1. Sold it for 349k her

Customer Question

family members own moms house for $1. Sold it for 349k her buying pric about 32k : with #1 member having an equity loan for 249k and #2 with 33k loan. third had nothing owed on house. #1 used profit of house to pay loan-$249k, #2 did same for $33kand took 10K cash and #3 took $10 k cash. Rest of money settled closing debts. One bro died so his $10k went to mom.(in probate) How does capital gains work here? Do We each pay our percentage of profit minus loans? I am #3, do I just pay on the 10k I got??? very worried about this!
Submitted: 8 months ago.
Category: Tax
Expert:  Mark Taylor replied 8 months ago.

Hi, my name is Mark. I will be happy to help you with your questions.

Expert:  Mark Taylor replied 8 months ago.

Is this your mother's primary residence?

Expert:  Mark Taylor replied 8 months ago.

If I can get some more details I will better be able to answer your question.

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