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Updated over 5 years ago,
Capital Gains Tax on Home Brother has Occupied?
My brother and I purchased a fixer upper in 2008, and we both lived there for several years before I moved out and purchased a different home. My brother has continued to occupy the house and make the mortgage payments on his own. He is now getting ready to sell and purchase a new residence, but I am wondering how I will be impacted if we split the profits of the sale 50/50. Is there a way to protect my earnings or direct them (tax-free) into a new investment property? I wouldn't think I could 1031 the proceeds of my portion. Is that right?