Good accountant spec. in NYC co-op sales?

I, along with my parents own a Manhattan co-op. This was my bachelorette apartment and when we first bought it, I was fresh out of college. Therefore, I own 1/3 and my parents own 2/3. (Their names are both on the stock certificate). My parents live out of state and always have. The understanding is that when I sell the apartment (I am now married and going to be starting a family), all proceeds... [more]

I, along with my parents own a Manhattan co-op. This was my bachelorette apartment and when we first bought it, I was fresh out of college. Therefore, I own 1/3 and my parents own 2/3. (Their names are both on the stock certificate). My parents live out of state and always have. The understanding is that when I sell the apartment (I am now married and going to be starting a family), all proceeds would go to me. It was an all cash deal. This presents two problems: 1) Do my parents have to pay 8% of their portion of the gain (at 2/3 of what amount - net gain? gross?) and how and by when do they pay this? 2) If my parents get a huge check, or have their portion of the proceeds of the sale direct deposited into some account of theirs, how will they transfer the money to me? I am not knowledgeable in trusts and estates (is this even the right area of law), nor do I understand gift taxation? Would they (and I) somehow be penalized by the government, taxed, etc? Thanks so much for your input!!! [less]