Dear Monty: I have two brothers, Bill and Jerry. Bill and Jerry purchased a property together in October 2016. Bill, with his wife, also bought a property in September 2019. Jerry and I are looking to buy a property together. We plan to sell Bill and Jerry’s property to buy this property.
Here are my questions: 1) Do we need to sell the property that Bill purchased in September 2019 before three years have elapsed? Bill purchased the second property for tax benefit purposes. 2) Let’s say the property Bill and Jerry own sells for $800,000. Suppose Jerry and I buy a property for $1,800,00 ($800,000 comes from Bill and Jerry’s property). How much do Bill and Jerry owe in terms of taxes?
