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warranty deed

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afaye20 Joined: 15 Dec 2010 Posts: 1 1.00 Dollars($)	Posted: Wed Dec 15, 2010 8:28 pm    Post subject: warranty deed Like 0 Dislike 0 I bought a house while single fifteen yrs ago. In 2005 or 2006, I added my four grown children to the deed in case something happened to me. Now I want to sell the house and two of my sons are upset that they may have to pay taxes on proceeds that they don't get. Will they owe the irs any money Faye
smithsussane Joined: 18 Sep 2008 Posts: 10408 Location: Alaska 981.02 Dollars($)	Posted: Wed Dec 15, 2010 9:40 pm    Post subject: Like 0 Dislike 0 Hi afaye! Welcome to forums! Your sons are also the owners of the property. If there is a profit from the sale of the property, then you as well as your sons will be liable for paying capital gains taxes. Feel free to ask if you've further queries. Sussane

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