Posted by caroline on August 12, 2003 at 11:58:16:
My husband and his brother bought a house together ten years ago. They lived in it together for 5 years. Then his brother married and moved out. My husband has continued to live in the house. We now want to sell the house. Is there a rule how they must split the profit? Since his brother has not lived there would he have to pay capital gains tax? Can my husband take all the profit or would that force his brother to pay a gift tax?