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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 585
Experience:  10 years experience
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This year my father-in-law sold his house to his daughter.

Customer Question

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
Expert:  Lev replied 1 year ago.
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.
Expert:  Lev replied 1 year ago.
Let me know if you still need any help.