Question

Capital Gain taxs on house owned with my Mom for 2 years , Mom passed I became owner

Forum|Forum|11 months ago
April 9, 2025
1 reply
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My mom in her last years was too old to care for herself so My wife and I moved in with her for close to 28 months before she passed . I owned the house with mom for two years she added me to deed before . I do own another house too.

Mom pass away in November 2023. I sold the house April 2024. and moved back to my other home .

Since I owned the home with my Mom jointly and became sol owner time of her death . Would Capital Gains tax apply fully to me? I am 69 and my wife 68 we are both on social security only income. Also gave half of the sale of the home to my only brother since there was no Will.

KrisD15

My first question is how were you added to the Deed? If your mother used a "Life estate" the house would be treated as inherited on the date of her death and would probably show no gain on the sale. Your basis would be the fair Market Value on that date.

If you are unsure, ask the attorney she used to add you, or ask the Title Company that handled the sale.

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F

frankdigiuAuthor

I did use a lawyer to help add me. And country clerk did say write check for small amount day of adding me and give to my mom to deposit, I do have the forms I sent copy to title company before settled,

thank you for reply