My sister did a quitclaim deed to transfer her house to our three children, with a life estate option. Are there gift tax implications? She subsequently passed away while living in the house, and the house was sold. What kind of capital gains from the sale of the house are my kids stuck with? The house originally cost about $183,000 and sold 25 years later for $600,000, with each of our kids netting $185,000.
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