Posted on: 09th Dec, 2009 09:33 am
About 10 years ago my lawyer set up a quitclaim deed for my mothers house making me the recepient of the property and giving her life estate. She has recently passed away and I am now the owner of the property. If I decide to sell the property, what are the tax implications for me. Do I have to go back to the value of the home when the quitclaim deed was established or will my tax situation be based on the value of the home when my mother passed?
Thanks,
CCASS
Thanks,
CCASS
Hi CCASS!
Welcome to forums!
If you sell off the property, you would be liable for the capital gains tax. The capital gains tax would depend upon the profit you make from the sale of the property compared to value of the property when you received it.
Sussane
Welcome to forums!
If you sell off the property, you would be liable for the capital gains tax. The capital gains tax would depend upon the profit you make from the sale of the property compared to value of the property when you received it.
Sussane