My brother and I inherited our Dad's home in 2011.

At the time of Dad's death the value of the home was 360K

My brother bought my share of the home (50%) for 150K in 2012

Will I be liable for any Federal Taxes when I file for 2012 for the 150K my Brother paid me?

Thank-You for any help!

While you MUST report the sale on Form 8949 and Schedule D, no taxes will be due because the sale was technically for a LOSS. The basis is $180,000, and you sold it for $150,000. You will NOT be allowed to deduct the loss, however, because it was a personal property.

Thank-You very much for this helpful information!

Glad to help!