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You are here: Experts > Business > Corporate Law > Tax Law (Questions About Taxes) > House sale taxable??
Expert: John Kirk, CPA
Date: 8/16/2008
Subject: House sale taxable??
Question
Hi. Before my dad died, he put his house in mine, my brother and sister's name. We sold the house for $30,000 less than our asking price. It was a free and clear house. Do I need to pay taxes on my share? It was split 3 ways. Thank you, Loni
Answer
It depends on your state law and how the property was transferred.
Once those facts are known, we can determine the tax effect on you.
Did your father transferred the property into trust, or did he add your names as joint tenants with him, or did he do a deed transfer before death?
John Kirk, CPA
www.johnkirkcpa.com
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