if my brother and I jointly inherit my mothers house and he buys out my interest in it for $50,000.00 do I hav?

Prior to getting the pay out from your brother you should contact your CPA or the person that does your taxes or perhaps a financial planner as there might be a way to defer the taxes or they might have been paid through probate thus your share in cash is not taxable.

I hope this has been of some benefit to you, good luck.

"FIGHT ON"

Yes you will owe MI state income tax and federal income tax on that $50,000.

Contact a Real Estate Attorney. The first consultation is free and they can answer your question over the phone.

the different brother ought to get carry of a loan on the valuables to purchase the different out. lots of those circumstances can divide families and end people from speaking. inspire them to locate an amicable answer with acquiring legal experts and going to court docket. all of us loses whilst this occurs.

You may owe capitol gains. You really do need to ask a professional on this one.