Hopefully, the jt venture papers were filed indicating the
> date that you & your brother purchased the property. Looks
> like you should be able to to report the sale as a (long
> term) capital gain. But, from your message your basis
> appears to be zero. You should consult your own CPA/tax
> advisor.
The joint venture papers were filed when we started having problems. That would have been 11 years ago though so should qualify as long term. Thanks for your opinion. I have no problem using zero as a basis and paying on the entire amount.
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