Legal Question in Tax Law in California

House Sales

I co-signed for my brother-in-law who has since passed away. My sister is now planning to sell the house. She will probably make approximately $150,000 on the sale. I am single and my salary is about $65,000. Do I need to pay any taxes on the sale of the house?


Asked on 6/10/03, 5:56 pm

1 Answer from Attorneys
Ken Koenen Koenen & Tokunaga, P.C.

Re: House Sales

Are you on title?

Will you be receiving any of the proceeds?

Did your sister live in the property as her primary residence for at least two years?

Did you have any kind of co-ownership agreement?

Have you shown the property as rental property?

My guess is that you will have no tax liability, but I would need more information regarding the overall transaction and relationship to provide a good answer.

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Answered on 6/10/03, 6:06 pm


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