asked
I recently sold an investment property for cash and made a $280,000 profit. The property was in my name, and my stepfather managed it. We split the rent and he paid himself a yearly management fee. My stepfather told me I would not owe any tax on the property due to capital gains exemption, but my accountant says otherwise. My stepfather and I split the profits, but now he claims the taxes are my problem since the property was not in his name. The sale was cash, and I never received a 1099-B. My questions are: Is there any way I can force him to pay his share of the taxes? If he refuses, can I alert the IRS? Since I never received a 1099-B, does the IRS even know I sold the property? The property was in New York City, and I currently live in Puerto Rico due to a job transfer. I purchased the property in 1989 and sold it in 2012.
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