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LawTalk
LawTalk, Attorney
Category: Real Estate Law
Satisfied Customers: 37639
Experience:  I have 30 years legal experience. Additionally, in CA I held a Real Estate Broker's license.
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My sister and I sold a house. It was my primary residents.

Customer Question

My sister and I sold a house. It was my primary residents. It was not my sister's primary reidence. Does she owe taxes on that property, now that we have sold. We plan to purchase another house and it will be my primary residence.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  LawTalk replied 1 year ago.
Good afternoon Janie,I'm Doug, and I'm sorry to hear of the confusion. My goal is to provide you with excellent service today. In order to give you a clear and concise answer, I will need some additional information about the circumstances, please. 1. Was the house the primary residence of your sister for at least 2 of the 5 years period immediately before the close of sale of the home or was she just an investor? Doug
Customer: replied 1 year ago.
My father bought the house for both of us. The house was in the state of Virginia. My sister never lived in the house.
Expert:  LawTalk replied 1 year ago.
Hi Janie, Thanks for the additional information. While you lived in the house at least 2 of the last 5 years and get the $250,000 exemption from capital gains tax, your sister will not, and she will have to pay capital gains tax on her share of the profit from the property. You may reply back to me using the Reply link and I will be happy to continue to assist you until I am able to address your concerns, to your satisfaction.I hope that I have been able to fully answer your question. Please be so kind as to rate my service to you. That is the only way I am credited for assisting you.I wish you and yours the best in 2016,Doug
Expert:  LawTalk replied 1 year ago.
Good afternoon Janie,Do you have any additional questions that you would like me to address for you?In case you would like a phone call to further discuss these issues you have raised, I will make that offer to you. You are certainly not obligated to accept a call offer, but many people do find it helpful for clarification purposes, as well as to allow them to ask additional questions.As I have provided you with the information you asked for, would you please now rate my service to you so I can be compensated for assisting you?Thanks in advance,Doug

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