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?
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.
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.
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