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Tax Law : Federal, State and Local Income Taxes, Sales Taxes, etc. For Estate, Gift and Inheritance Taxes, Please Post Under Will, Trusts & Estate Planning
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  #1  
Old 02-03-2005, 07:24 PM
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Sharing the Dough!

What is the name of your state? AL
I am selling my home and moving into my fathers (decease) home. I have siblings and would like to give them a share of the proceeds from the sale of the house. Will I be liable for all the taxes of the sale?
  #2  
Old 02-03-2005, 10:39 PM
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If you lived in and owned your house 2 out of the last 5 years, you can exclude up to $250,000 of gain on the house if you are single, $500,000 married.

If you give each sibling more than $11,000, you will need to file a gift return, but will not have to pay tax.

Snipes
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This post does not create an agreement to represent you before the IRS, nor does it invoke confidentiality regulations. Postings are based only on the information provided and you should consult a tax professional in your area before relying on information contained in this post.
  #3  
Old 02-04-2005, 05:12 PM
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Thanks

I Appreciate your help.
Have a great and Blessed Day!
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