Updated over 6 years ago on . Most recent reply
Sold family property and now need to account for deductions
Hello BP world,
I am brand new to REI, so try to bear with me on this (lol).
My uncle and I sold a family property (belonged to my grandparents, but they passed). The house was owned outright, and sold to a buyer (currently in escrow). After all the realtor fees and what not, we've come out the other end with ~300k (split down the middle between my uncle and I). The question I have now, is what types of taxes are involved prior to any involved gains? I would also be interested in learning about types of deductions I can take. From this, I intend to begin my REI journey. Thanks for the help!