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Solved

Capital Gains on sale of condo

Forum|Forum|4 years ago
March 7, 2022
1 reply
13 views

I'm trying figure out capital gains on a condo sale where I was added as an owner in July of 2019 via deed of gift by my wife who had owned the property since 1986. She died in August of 2019 after a battle with cancer. The property was sold in July of 2021. Do I calculate capital gains from the time she bought it in 1986 or from when I became an owner in July 2019? The property was a rental and we hadn't live there since the early 1990's.

Not A Product Question

Best answer by MinhT1

As the property was gifted to you by your spouse before death, your cost basis is the cost basis of the donor, which is the price your wife paid for it in 1986. You can adjust this cost basis by adding the cost of any improvements made to the property (not the cost of repairs). And you use this adjusted cost basis to calculate capital gains.

MinhT1Answer

Level 15

As the property was gifted to you by your spouse before death, your cost basis is the cost basis of the donor, which is the price your wife paid for it in 1986. You can adjust this cost basis by adding the cost of any improvements made to the property (not the cost of repairs). And you use this adjusted cost basis to calculate capital gains.

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