[joann1952]

When my parents bought their home and seven acres of land thirty years ago, they put it in my and my brother's name. My dad is gone now and my brother has moved into the house with my mom and wants to buy my half of the ownership for $45000.00. Will I have to pay tax on this? If so, how much? Thanks.

[ebaines]

You will owe capital gains tax on the difference between the $45K and your cost basis. Since your parents gifted this property to you and your brother when they bought it 30 years ago, this means your cost basis is half of what they paid for the property when they bought it. Do you have any records of their purchase price?

[joann1952]

My dad bought it at different times, an acre one year, two acres three years later, etc. But all of it was put in our names at the time of purchases. I know we have some of the receipts; I'm not sure about all of them.

[ebaines]

Perhaps someone else can answer, but I believe the purchase proce for real estate is usually recorded at the town offices. Suggest you call the town hall and see if they have records.