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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15318
Experience:  15years with H & R Block. Divisional leader, Instructor
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Selling my house with my brother, he lives in Europe and has

Customer Question

selling my house with my brother, he lives in Europe and has no bank account in US. If they make once check for me at closing to my name, how do I act taxwise? do i declare the entire house under my name? or can i declare after that I own only a percentage?
Submitted: 1 year ago.
Category: Tax
Expert:  Robin D. replied 1 year ago.

Hello

The owner or owners will each be listed on the sale. If your brother is listed as an owner then he too will receive a 1099S.

If one check is made to you and not split then you can send your brother his half.

The tax reporting depends on who is listed on the deed as the owner regardless of who gets some of teh proceeds.

Is your brother listed too on the deed?

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Expert:  Robin D. replied 1 year ago.

If you have any other questions, please ask me – I’ll be happy to respond. Thank you!

Customer: replied 1 year ago.
my brother is listed on the deed. I own 25% and he owns 75%. my lawyer said if she makes a check only to me she would have to give me only one 1099. I did not make enough to have to declare the gain in my taxes but if she gives me a 1099...how do I handle it?
Expert:  Robin D. replied 1 year ago.

That is not so. If an attorney told you that they are not a tax attorney.

All owners are reported in the sale. Your brother needs to also report this as he is a listed owner too.

You report your 25% of cost and sale on your return. You cannot claim more than your legal ownership percentage.

You report on form 8949 and Schedule D unless this was used for rental then it goes on Form 4797.