When my mother passed away in September, 2019, the will divided everything evenly between my 2 sister and myself. This included the house she had bought so my daughter and grandchildren would have a home when she divorced. I bought my sisters out and had the home in my name with my daughter paying rent. My daughter passed away on August, 2021, and I sold the house. Do i pay capital gains on this sale? I had to spend a lot of money to get the house in condition to be sold. Can I deduct those expenses from the profit? My 2 teenage grandchildren were placed in Kinship Foster Care and have been living with me since August, 2019. All profit is going to college funding, which starts Fall, 2023.
