Sharing the Dough!

[svickery]

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?

 

[Snipes5]

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

 

[svickery]

Thanks

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