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Mark Taylor
Mark Taylor, Certified Public Accountant
Category: Capital Gains and Losses
Satisfied Customers: 2308
Experience:  Certified Public Accountant
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My brother and I have owned a home jointly since 2009. It is

Customer Question

My brother and I have owned a home jointly since 2009. It is his principal residence. We have now sold the home and are sharing the sales amount equally. How do I calculate the capital gains which I must owe as it is not my primary residence?
Submitted: 1 year ago.
Category: Capital Gains and Losses
Expert:  Mark Taylor replied 1 year ago.

Hi, You would take the purchase price that you bought the house for in 2009. Next you would add any improvements. Finally you would add any selling costs to get the house ready for sale. You would take this total and divide it by half. This would be your cost basis. You would also include half of the selling costs such as commission and the additional closing costs.

Expert:  Mark Taylor replied 1 year ago.

Next you would divide the sales price by 1/2. Please let me know if you have any questions or need clarification.

Expert:  Mark Taylor replied 1 year ago.

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Expert:  Mark Taylor replied 1 year ago.

Do you have access to the closing documents from the purchase in 2009?