No announcement yet.

Real Estate Capital Gains Question

  • Filter
  • Time
  • Show
Clear All
new posts

  • Real Estate Capital Gains Question

    Fifteen years ago I co-signed a loan for a rental property with my brother. Since that time he has managed the property in its entirety and received all the rental income from the property. He is now at the point in life when he would like to sell and, since I am also on the title, I am concerned that I may be liable for a portion of the capital gains accrued even if I don't receive any of the proceeds from the sale. Does anyone here on the forum know if I am liable to pay capital gains under this scenario? Thanks in advance for any advice or wisdom you can bestow.

  • #2
    Yes, you are, given the facts provided. Have you been completely ignoring this property on your tax returns? Technically, you s/h/b splitting the annual results with him and possibly filing a gift tax return. Please consult with an experienced CPA.
    Our passion is protecting clients and others from predatory and ignorant advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087