What is the name of your state? Montana
I purchased a house with my brother 4 years ago. We have shared all expenses up to this point and it has been both of our primary residence through this time. I am now moving and we are working out an agreement for him to purchase my share of the profits.
Does anyone know the tax consequences of this type of transaction? Should his payments to me be a lump sum or spread out over time? Also, are there any specifics that this type of deal should include so it is fair financially to both of us?
Thanks, Scott
(This was originally posted in Real Estate forum and I was sent here)
I purchased a house with my brother 4 years ago. We have shared all expenses up to this point and it has been both of our primary residence through this time. I am now moving and we are working out an agreement for him to purchase my share of the profits.
Does anyone know the tax consequences of this type of transaction? Should his payments to me be a lump sum or spread out over time? Also, are there any specifics that this type of deal should include so it is fair financially to both of us?
Thanks, Scott
(This was originally posted in Real Estate forum and I was sent here)