Posted on: 28th Apr, 2010 12:25 pm
I have a quitclaim deed in my name with a life estate for our mom. Mom passed away in 2009. I have lived in the house for 2 yrs. but the deed has only been in effect for one year. My sisters and I are selling the house and dividing the profit as per out parents will. Do we have to pay a capitol gains tax after the sale?
Hi suzihld!
Welcome to forums!
If there is a profit resulting from the sale of the property, then you would be responsible for paying the capital gains taxes. You can contact a tax adviser and he would be able to help you in this regard in a better way.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If there is a profit resulting from the sale of the property, then you would be responsible for paying the capital gains taxes. You can contact a tax adviser and he would be able to help you in this regard in a better way.
Feel free to ask if you've further queries.
Sussane