My brother and I inherited a house from our uncle which I intend to keep so I am buying him out. His half would be $210K and our lawyers have told us that upon closing they will deduct about $950 in tax from that total, but my brother believes he will be taxed much more, up to $45K worst case, so he would like me to account for the taxes and give him more in the payout so we each get a 'true' 50/50. Can anyone offer insight to this? I am not sure how his accountant is coming up with these numbers, unless the payoff will count as taxable income when he does his taxes next year?
Edit: Don't worry kind strangers, I won't be blindly taking the advice of the internet and will defer to the lawyers, just trying to get a feel for if his suggestion is as outrageous as I think it is. Thanks!
Submitted December 28, 2017 at 11:43AM by mellidee http://ift.tt/2lmd6Zg
