My father and sister are deceased. I have no living siblings. My mother is 92. More than 5 years ago, she legally put her home/land in my name with lifetime rights for her to live there. I am concerned about the future if I sell it after her passing. I have lived in the home since 1985 when my parents built it.
Will I have to pay capital gains tax after selling it?
Can it be put in a revocable trust to help avoid Capital gains tax. If so, would my mother have an attorney do this or would I do this? Thank you!
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With a life estate you get a step-up in basis at the time of your mother's death. Your capital gain when you sell the property will be the difference between the date-of-death appraised value and the sales proceeds.
As previously mentioned you apparently have a life estate which shields you from capital gains upon your mother’s death.
My prior post deleted.
With a life estate you get a step-up in basis at the time of your mother's death. Your capital gain when you sell the property will be the difference between the date-of-death appraised value and the sales proceeds.
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