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Old 09-23-2011, 02:43 PM
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Join Date: Aug 2011
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Flipped House Income

My sister and I purchased a house in early 2011 for $60,000

The house was put in my name; not split with my sister

We recently sold the house for $126,000 and we had roughly $30,000
of expenses in fixing up the house.

My question is that since the house was in my name only, will I be responsible for all taxes on the net income even though my sister was a 50%partner with me. How do I report and show just my share of the net income on my tax return?

Thanks, Jerre



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