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We have two parties is sale of property they inherited .a

court based the amount at...
We have two parties is sale of property they inherited .a court based the amount at tax assessment of 156000 at their mom's death value was 84000 which is a 72000 gain. At a hearing a judge ordered a larger percentage to one for upkeep expenses etc. But he started out with equal parts at 78000 each. Then the deductions came in and then one w ent to 113000 and the other 43000. My question isn't the one with 43000 still responsible for half of tax on the 72000 capital gains.because the reason they get less is they are paying the other back for expenses on their behalf
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Answered in 5 minutes by:
9/15/2017
Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,338
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Hi, my name is Mark. I will be happy to help you with your questions. You are correct that if each party owns 50%, they they would be responsible for reporting 50% of the proceeds and 50% of the basis. So yest they would be responsible for a $36,000 gain. Where any of the expenses used to improve the home? It is possible that some of these expense could be capitalized and reduce the gain.

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Customer reply replied 2 months ago
They started off at half but after other was paid back it reduced their part at 27 percent.dont they still have to pay for the 36000 even though they ended up with 27

That is correct but it is possible that some of the costs that were paid would add to their basis and reduce the gain.

Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
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