If my Mom sells her house, can she claim my deceased Dad's deduction?

October 19, 2006

My dad died two years ago and now the house is in a living trust under my mom’s name. If she sells the house, does she get the $500,000 exemption for sale of a principal residence, or $250,000?

Answer

Date:  04 Oct 2006

$250,000. The tax basis of the property should be eligible for some tax basis adjustments that will reduce or eliminate any taxable capital gain. See a professional tax return advisor for help.

Good luck!
Mike Gray

We have more answers to frequently asked real estate tax questions! We also offer up-to-date information about new tax real estate tax developments in Michael Gray, CPA's Real Estate Tax Letter.



Michael Gray, CPA
2482 Wooding Ct.
San Jose, CA 95128
(408) 918-3162
FAX: (408) 938-0610
Hours: 8am - 5pm PDT Monday - Friday


Connect on LinkedIn
Our Blog
© 2024

Subscribe to Michael Gray, CPA's
Tax & Business Insight


We respect your email privacy