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Updated over 1 year ago,
Need some help with capital gain on home sale
Hi,
We sold our primary home in NY last year (2022) which myself and my parents were listed as owners on deed. The structure of ownership stated that I owned 80%, my mother owned 10% and my father owned 10%. After the sale of the property, the bank issued 1099 to us with 80% of proceeds to me and 10% each to my parents which makes me liable for all 80% on capital gain tax. The reality was that we divided the money evenly and was hoping we can apply the 250k exclusion each to mitigate taxes. Spoke to several CPA's and they aren't too sure on best course of action here.
Yes, my parents were not bright enough to think this far and I was too young to care at that time. Willing to pay a fee for assistance...