House Sale
My parents had an agreement that if divorced they would sell the house and the money from the sale would be divided between the kids. After my father recieved the money for house he made checks out to all of the kids. Will anyone be responsible to pay taxes on the money recieved for the house, and if yes who?
Asked on 1/21/04, 11:56 pm
1 Answer from Attorneys
Norman Nadel
Norman Nadel, Esq.
Re: House Sale
The seller, presumably your father but maybe both parents, is responsible for the payment of the capital gain tax. If the house was the primary residence for one or both immediately prior to sale a sizeable exclusion is available.
Answered on 1/22/04, 9:24 am
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