Posted on: 15th Apr, 2010 07:28 am
My mother had named her 3 children and herself as grantees in a quick claim deed. There are no mortgages or leins against the house. Recently she passed away. Will we have to pay capital gains on the house when we sell? I read somewhere that because she lived in the house for the last 40 years that the capital gains would be considered long term gain. Is that correct?
Hi rlneff!
Welcome to forums!
Once you sell off the property and receive a profit from it, then you would be liable for paying the capital gains taxes. As far as I can understand, as your mother is not alive, she will not be considered while calculating the capital gains. You would be considered as the owner of the property and would be responsible for the capital gains. For further advice, you can contact a tax adviser in this regard.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Once you sell off the property and receive a profit from it, then you would be liable for paying the capital gains taxes. As far as I can understand, as your mother is not alive, she will not be considered while calculating the capital gains. You would be considered as the owner of the property and would be responsible for the capital gains. For further advice, you can contact a tax adviser in this regard.
Feel free to ask if you've further queries.
Sussane
Thanks for your e-mail. I will be taking up this subject with a tax accountant.