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This year my father-in-law sold his house to his daughter.

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There are 2 other siblings...
This year my father-in-law sold his house to his daughter. There are 2 other siblings. Are they responsible to the "profit" made on the sale? Our tax accountant said "no" since the transaction only took one day. My father-in-laws accountant say the 2 siblings need to pay taxes on the profit of $1700 each?
Submitted: 1 year ago.Category: Tax
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Answered in 8 minutes by:
4/21/2016
Tax Professional: Lev, Tax Advisor replied 1 year ago
Lev
Lev, Tax Advisor
Category: Tax
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We need to be clear WHO owned the property when it was sold?If the father-in-law was the only owner - other siblings would not be responsible.However if other siblings were listed on the title as co-owners - the situation would be different.
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Tax Professional: Lev, Tax Advisor replied 1 year ago
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