My husband and I moved in with my grams 12 years ago to help her after some medical issues. It was only supposed to be temp, but she fell ill and we stayed until her passing last September. She left us the house (manufactured home) in her trust. We paid sales taxes when we transferred the title, around $3000 and sold the house 6 months later. We put a ton of work into it and ended up selling for 20k more than it was worth when we got it.
Will we have to pay CG taxes on that 20k? This house was our permenant residence, according to IRS also. BUT we only technically owned it for 6mo. Also, its a manufactured home and only was a matter of paying sales tax and transfer of title. I can't find accurate info and while I do plan on discussing with an accountant, I thought I would ask here and get an idea of what to expect. Some articles say we had to live in home AND own to be excluded, some say just lived in. Ugh. So confusing! Guess we arent doing our own taxes this year 😕
