I have been searching like crazy and I have been getting mixed answers.
To make a long story short. My father had a bunch of back taxes in a property and I had to step in and save it by taking out loans and stuff.. we came to the agreement that we sell he would give me 90% so I can re invest and start my life. At the end after paying capital gain taxes we will be left with 1.4 million. I want to re invest most of it in property. Is there any tax I have to pay on 1.2 million? I live in Miami Florida.
To make a long story short. My father had a bunch of back taxes in a property and I had to step in and save it by taking out loans and stuff.. we came to the agreement that we sell he would give me 90% so I can re invest and start my life. At the end after paying capital gain taxes we will be left with 1.4 million. I want to re invest most of it in property. Is there any tax I have to pay on 1.2 million? I live in Miami Florida.