Tenant-in-common Posted April 25, 2022 Report Posted April 25, 2022 My two brothers and I own a rental condo. They decided to do an AirBNB and I refused. I asked for them to buy me out. We hired a lawyer to do the transaction. They paid me the portion I would have paid for the outstanding mortgage on the condo which is lower than 1/3 fair market value of condo. So filing 2021 taxes and filling out Capital Gains schedule.....is the proceeds what they paid me, or do I estimate a fair market value of the condo? In addition to the lawyer fees, can I also add an assumed real estate commission (ie. 5% of proceeds) as part of the outlay expenses? Need confirmation of this one as I saw some reddit forums say they could. Quote
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.