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Investors & landlords
you are not entitled to a home sale exclusion because you never lived there nor are you entitled to a step-up in tax basis upon their deaths because you owned the home (I assume title was in your name) .
I assume they paid no rent and you did not take depreciation on the property.
you will have a capital gain equal to the sales price less your selling expenses less your tax basis in the property.
Your tax basis is what you paid originally plus certain closing costs at that time plus the cost of any major improvements you paid for.
‎April 10, 2024
10:15 PM