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In 2007 myself and my siblings acquired our parents home via…

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In 2007 myself and my...
In 2007 myself and my siblings acquired our parents home via a quick claims deed. In 2015 we sold that house. Do we need to claim that money on our 2015 taxes? The home was sold for $274,000 and less fees 224,000 was received. The home is in Minnesota
Submitted: 2 years ago.Category: Real Estate Law
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Answered in 6 minutes by:
3/1/2016
Real Estate Lawyer: Barrister, Lawyer replied 2 years ago
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 43,631
Experience: 17 years real estate, Realtor. Landlord 26 years
Verified

Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question.

.

You would each have to claim a portion of the capital gains taxes on your income tax returns as long term capital gains taxes and pay any applicable tax on them. The amount of capital gains would be based on what the house was assessed at in 2007 when you received it.

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So for example, if it was worth $200K in 2007 and you sold it for $224 net in 2015, then you have $24K in gains that would be divided up among the siblings and then long term capital gains taxes paid on that.

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.

thanks

Barrister

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