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    Debkay53's Avatar
    Debkay53 Posts: 2, Reputation: 1
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    #1

    Sep 9, 2012, 09:37 AM
    Selling a joint property to the other family member
    My father-in-law left his home to his two sons, one being my husband. My husband's brother purchased my husband's half from him. Will my husband owe any type of taxes on the money from the house?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Sep 9, 2012, 10:03 AM
    He may. It depends on the appraised value of the house and what he paid for it. The estate should appraise the property and determine its value at the time the father died. If his brother paid more than 1/2 that value for his share, then he may owe taxes on that difference.
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