Will I get taxed for recieving money after a sale of a home?
prelude502 asked:
My cousin sold the property that my family used to live in. Since we have been contributing to his mortgage for the last 15 years, he feels obligated to give us $50,000 after the sale. Assuming he has paid all applicable taxes on his end, would I get taxed myself?
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My cousin sold the property that my family used to live in. Since we have been contributing to his mortgage for the last 15 years, he feels obligated to give us $50,000 after the sale. Assuming he has paid all applicable taxes on his end, would I get taxed myself?
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October 27th, 2008 at 8:03 pm
Home Sales
Probably gift tax if you report it.