As far as the value of the property, this is where it is a bit tricky. We haven't had it appraised. The current tax records show the home itself is valued at $177k, but the new owners offered $300k becuase they wanted the home so bad, even if it meant to offer more than it is worth. My dad took ownership of the home a few years ago and it was "gifted" and transferred to his name from his mom. He passed away June 10th, he signed over the certificate in my name about a week before he passed. The Living Trust document states all property will be left and distributed equally amongst the executors (myself and my sister), however we never actually put the living trust on the house/deed. So not sure if we would consider this a gift or inheritance, and if we are selling the home for more than it is worth if we will owe the capital gains. I just accepted an offer on the home and we are going into escrow.
