Profile picture for user587997

My brother in WV and I in FL own property in WV. We're selling it for cash. What is the tax for me

  • August 18 2012 - Addison (Webster Springs)
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Answers (3)

Profile picture for wetdawgs
The taxes you were told about most likely are West Virginia taxes, not Federal taxes.     The Federal tax liability is likely to be the same no matter which state you live in.     You may find that with a sale of a property that you will need to file a longer form with the irs for the year of the sale.
  • August 18 2012
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Profile picture for user587997
Thanks for responding so soon.  An attorney in WV told my brother my share would be smaller than his because I'm out of state and would have to pay a sales tax but she would send forms for me to get the money back.  I file a short form for IRS so just wondering how I would get it back. 
  • August 18 2012
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You should contact your tax advisor or accountant for matters regarding taxation.  Real Estate agents do not have the training or certifications to give advise on tax matters.
  • August 18 2012
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