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Capital Gains on sale of home stepped up value
The state is Massachusetts. In 2008 my Mom passed and my Dad decided to remove her from the deed and add me at the same time. Not thinking of the tax consequences at the time. During that time he retained the right to live there (life estate). We'll he passed in 2023 and with me being on the deed it made it easy to sell the house to my Nephew. I had the house appraised when he passed at 300K. I sold to Nephew for 250K. I split the proceeds among my siblings. When I report the sale of the home does the value step up to the value at 2008 or 2023? If 2023 and sold for less can it be reported as a loss? Also do I have to report the proceeds to siblings as a gift? It was stated in his will to split his estate. Thanks
‎January 31, 2024
9:40 AM