estate home sold

[florida john]

my mom fell sick in march 2020. just before she passed , my sister suggested we move her condo to my name so we could sell it immediately after mom passed. i had power of attorney for my mom so we did move it to my name. do i now have to report the money from selling the condo as income or is it still considered part of mom's estate?

[Anonymous_]

Re-titling the condo in your name was not exactly a good move. How can the condo be part of your mom's estate if it is in your name?

There may be some relief if you adopt the position that your mom retained a life estate and you received the remainder when she died (known as an implied life estate). In that event, your basis would be the fair market value of the condo on the date of her death and you would report the sale on your personal income tax return.

Otherwise, you would wind up with her basis (a carryover basis) for the condo. 

[florida john]

i went back and researched the documents. what we did was set up a life estate on my Mon's condo. so where do I  put this information in my tax return. schedule D?

[Anonymous_]

Form 8949 and Schedule D.