Sole heir situation Colorado; Inherited family house, it's now 4yrs after death of mother.
Delinquent in transferring ownership but have gotten personal rep. reinstated via lawyer and have two options:
1) Either sell through estate using title commitment via title co. & lawyer and pay capital gains,
2) Use Personal Rep. Deed to transfer ownership into name then sell after 1 yr.* If ownership is transferred would that be a step up basis sale situation or is the same capital gains scenario equally in affect as option 1?
*Heard that title company's need 1 year ownership for PR Deed to warranty. ... correct?
Not primary residence renovating for eventual sale.
Thanks in advance.
