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Barrister
Barrister, Attorney
Category: Estate Law
Satisfied Customers: 34728
Experience:  16 yrs estate law, real estate. Wills/Trusts/Probate
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My deceased husbands mother died and left house to niece and

Customer Question

My deceased husbands mother died and left house to niece and nephew. They will sell me the house for a good price, the house was paid for, the probate attorney said they could just deed it over to me. Will I have tax problems like capital Gaines if I sell it in the near future like 2 or 3 years. I want to get title ins and title insurance also. I am concerned I don't know what to do.
Thank you
Submitted: 7 months ago.
Category: Estate Law
Expert:  Barrister replied 7 months ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question.

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If you are buying the house from them then that price sets your "basis" so that determines if you would have any capital gains later on if you were to sell the house. But if you were living there for at least 2 years, then there is a homestead exemption of $250,000 for a person's home from capital gains taxes.

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If you are going through a bank for a loan, then they will offer title insurance as part of the loan process.

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thanks

Barrister

Expert:  Barrister replied 7 months ago.

Let me know if you have any further questions...

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thanks

Barrister

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