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By family, do you mean you and your wife, or other family?
If you and/or your wife, and at least two of those years happened in the past five years, you can EXCLUDE the income and pay ZERO taxes. If not, you declare the sale and capital gains on Schedule D and probably pay 5% of the profit as long-term capital gains tax. If you need professional help filing, this is what I do! You can email me at the email address in my profile. |
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