Had to sell my mother in laws house in July 2018 which was a Life Estate and my spouse was a remainderman.
My mother in law is still alive and has been in a Nursing Home for several years.
We incurred large long term capital gains on sale of house and this resulted in an underpayment of taxes.
I knew there would be tax consequences given that the mother in law is still alive.
Turbo Tax applied a penalty dollar amount and my question is - Is this type of transaction something that might be appropriate in asking/requesting for a waiver of penalties?
