<<I recently sold a summer cabin that was owned jointly with a sibling.>>How did it become jointly held? That's the crux of the issue. If the sib paid FMV for his/her share of the property, the answer would be different when compared to your gift of half of the property to your sib. << The income was split between the two of us. >>As is generally required in these types of transactions.<<My question is - what sort of capital gains tax will I have to pay on my amount?>>If this was nothing more than a second home, and not a rental property, your maximum capital gains is likely the preferred maximum rate of 20% (10% if some of your income is in the 15% bracket). <<Is this amount added to my AGI when I do my taxes?>>Yup...but then you use a special tax computation on Schedule D to compute the preferred capital gains taxes. You can read more about this in the Taxes FAQ area. TMF TaxesRoy
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