Hi,
I recently sold a home in California where my brother and I were on the title of the house. My brother lived in the house for 2 of the 5 years before it was sold, but eventually he moved out after two years to start a business in New York.
When we sold the house, we made 100k or so, and the escrow company withheld taxes due to my brother co-owning the house, while nothing was held for me since I was the primary resident.
My brother does not want any of the profits since I paid for majority of the finances the entire time. Is there a way to move the withholding from him to me? Is there a form or something I can request for from IRS?
I recently sold a home in California where my brother and I were on the title of the house. My brother lived in the house for 2 of the 5 years before it was sold, but eventually he moved out after two years to start a business in New York.
When we sold the house, we made 100k or so, and the escrow company withheld taxes due to my brother co-owning the house, while nothing was held for me since I was the primary resident.
My brother does not want any of the profits since I paid for majority of the finances the entire time. Is there a way to move the withholding from him to me? Is there a form or something I can request for from IRS?
State Taxes: Tax Witholding for Selling a Home with Co-Owners
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