Income from sale of a relative's home... Hello,
I (as well as my 3 other siblings) received the proceeds from the sale of my Father's house early last year-2016. Each of us received 25% of the total from the sale of the house. We were paid in monthly installments (each of us received $315.00) for 5 years and then were paid a larger "balloon payment" (approx $39,000) at the end of 2015.
Would this be considered a long term capital gain? What would my capital gains tax rate be given that I file a single and have an annual income of only $28,000?
The total of what I received was approx between $68,000 to 70,000... |