<prompt> Human: So my brother got a place in the tax auction at the beginning of the year but since he is letting one of his land parcels go he couldnt buy it in his name since he owed taxes. Long story short I put it in my name and the deal was that he was going to get it put back in his name in a month. Fast Forward 8 months and it still hasnt happened and now he in the process of selling it. He thinks the best option would be to sell it in my name and once I do my taxes at the end of the year have my tax guy figure out how much it costed me and have my brother pay that difference. hope that makes sense Im guessing it wouldnt be worth selling it to him for a dollar cus then it would look like im losing 32k. the house was 32k Also i dont know if selling it to him for 32k since it would make it look like im gaining 32k when im just actually putting it back in his name. Would it be worth calling the IRS and asking this question or is that a terrible idea. Maybe HR Block? Im just wondering what would be the best route for myself for taxes at the end of the year. I do realize that this was a terrible idea and never going to make this mistake again. I just want to get out of this situation . . Any advise would be greatly appreciated.  <response>: So, technically, your brother gifted you the money to buy this house, that you now own, right?He cant sell it. Its not his.You could gift it back to him, but that might have its own issues. Nobody cares if you lost 32K that was a gift in the first place, tho.If you do sell something that you didnt pay to acquire initially, then you could be liable for taxes. The taxes will depend on your tax bracket and how long you hold the property. IF you are the one who gets the money from the sale, you want to hold on to enough money to cover the taxes; you dont just want to give him all the money. The part about him trying to hide assets to avoid tax debt is probably not a conversation you want to have with anybody if you can avoid it. 