Categories

Sunday, September 25, 2011

Flipped House Income

An AskTaxGuru.com Junior Forum Member, jrburrow, asked:

My sister and I purchased a house in early 2011 for $60,000

The house was put in my name; not split with my sister

We recently sold the house for $126,000 and we had roughly $30,000
of expenses in fixing up the house.

My question is that since the house was in my name only, will I be responsible for all taxes on the net income even though my sister was a 50%partner with me. How do I report and show just my share of the net income on my tax return?

Thanks, Jerre

Our AskTaxGuru.com moderator Wnhough answered this question here.

What do you think?

No comments:

Facebook Blogger Plugin: Bloggerized by AllBlogTools.com Enhanced by MyBloggerTricks.com

Post a Comment

Related Posts Plugin for WordPress, Blogger...