Hi
just sold a house with the help of my in-laws,
my father in law put the down payment 207k my brother in law took a loan of 290k
i took a loan of 1,.4 mill
house cost around 1.9 and sold for 2.5
after paying my loan and some fees i got 880k directly from the escrow
do i need to pay taxes on the 880?
do i repay then 207+290k to my family and pay tax on what's left in the account?
do i pay tax on the 600k profit of the sale?
note they are not us citizens.
thanks.
just sold a house with the help of my in-laws,
my father in law put the down payment 207k my brother in law took a loan of 290k
i took a loan of 1,.4 mill
house cost around 1.9 and sold for 2.5
after paying my loan and some fees i got 880k directly from the escrow
do i need to pay taxes on the 880?
do i repay then 207+290k to my family and pay tax on what's left in the account?
do i pay tax on the 600k profit of the sale?
note they are not us citizens.
thanks.