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:
Post a Comment