Re: Hello RyanH, Thanks for your question about capital gains...

When my mother passed away her condo became property of my two sisters and me. One of my sisters lived with my mother when she passed and still lives in the condo now. She is moving to assisted living and we are selling the condo.

What is are tax obligation?

260

Level 3

Aug 2, 2019 4:27:28 PM

Basis for the condo is fair market value on date of death. If the sister used the condo as her main home for the last 2 out of 5 years she can exclude up to $250k in gain from the sale. You and your other sister will pay tax at your capital gain tax rate if there is a gain.

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Re: Hello RyanH, Thanks for your question about capital gains...