Capital Gains and Losses

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Capital Gains and Losses

I sold a piece of property this year. I didn't think at the

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time I would have to...
I sold a piece of property this year. I didn't think at the time I would have to pay capital gains, but now I'm not sure. The property is family property. I would have to research the deed to see whose name is ***** ***** My Grandmother gave it to my sister and I before she died and we have been paying taxes on it forever. We actually pay my uncle our 6th of the taxes and he pays the taxes. I sold my half of the 1/6 my sister and I had together to a cousin. How do I file taxes on this and is it capital gains?
Submitted: 2 years ago.Category: Capital Gains and Losses
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Answered in 9 minutes by:
12/10/2015
Tax Expert: Stephen G., Financial Advisor replied 2 years ago
Stephen G.
Stephen G., Financial Advisor
Category: Capital Gains and Losses
Satisfied Customers: 7,216
Experience: Senior Tax Expert; CPA/PFS(retired)Personal Financial Planner; Small Business & Professional Mergers & Acquisitions
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Well, the first thing would be to determine your tax basis in the property.

Do you know how long your grandmother owned the property & how she acquired it? Did she own the property with your grandfather before he died?

Do you know how & when they acquired the property and how much they paid for it?

Did your grandmother live in the home at the time she gifted the property and did she stay in the home until she died?

How much did you sell your 1/2 of the 1/6 of the property held by you & your sister for, when did you sell it this year, and whom did you sell it to? (Not a name, just what relative, if you sold to a relative).

Try to answer each of these questions & I'll have a better idea as to how to advise you.

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Tax Expert: Stephen G., Financial Advisor replied 2 years ago

Just checking in to see if you've had a chance to respond to my questions?

Steve G.

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