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anfam14
New Member

I inherited property through trust that I had already been living in several years with parent when parent passed. Do I qualify for primary residence exemption if I sell?

 
1 Reply
KrisD
Intuit Alumni

I inherited property through trust that I had already been living in several years with parent when parent passed. Do I qualify for primary residence exemption if I sell?

No, but your basis in the property is value on date of death, so if the value doesn't change drastically for the time it takes to sell, there would be no capital gain. 

If you own and live in the home for 2 of the last 5 years, you could take the exemption. 

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