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RONB-ESQ
RONB-ESQ, Lawyer
Category: Real Estate Law
Satisfied Customers: 357
Experience:  Right of Way Manager at Access Midstream Partners, LP
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My father in law died in 2008 leaving his three family house

Customer Question

My father in law died in 2008 leaving his three family house he had titled to us in 2000. He lived in the home until shortly before he died. After his death we continued to rent the first floor and the third floor for about a year. We sold the house in 2015. We are trying to figure out the basis for the house - is it when he died in 2008 or in 2000 when he quit claimed it? Do we have to depreciate it because it was a rental property? Since we didn't pay anything for it, what cost do we use for the depreciation?
Submitted: 7 months ago.
Category: Real Estate Law
Expert:  RONB-ESQ replied 7 months ago.
Hello my name is ***** ***** I am a licensed attorney. I welcome you to JustAnswer. Please note: This is general information for educational purposes only and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. The question and response may be viewed by other parties as noted in JA’s terms of service. By continuing, you confirm that you understand and agree to these terms. Do note that a phone call is not required and we can continue here just typing comments back and forth. Any offer or pop up you saw was automatically generated by the website and I did not send it. If you prefer I can do a phone call for an additional cost, but I am also happy to continue here. One moment as I type your response...
Expert:  RONB-ESQ replied 7 months ago.
I am sorry for your loss as I know that even after some time that can still be hard to deal with for you and your family. The basis would be the value of the property on the date of the gift deed or quit claim deed to you. If you had inherited it and went through probate then the basis would be the basis as of date of death. Hopefully it has not appreciated in a huge amount. Due note that I believe since you have held it longer than 2 years it would be treated as long term capital gains and also note that you and your husband have a $250K lifetime exemption that should apply. You should consult a local CPA or tax professional to confirm, but that is my believe as to your basis. If you have any questions or concerns about my response, please reply and let me know. It's important that you are 100% satisfied with my courtesy and professionalism. Otherwise, please rate my service positively so I receive credit for the time I spent answering your question, additionally a bonus is not required but always greatly appreciated. If for some reason you don’t feel you can provide me positive feedback please reply and give me the opportunity to clarify my answer before giving me negative feedback.Regards, Ron
Customer: replied 7 months ago.
Actually it has depreciated in value as the market is very bad. Should I ask the question again but direct toward an accounting person and not a real estate person?
Expert:  RONB-ESQ replied 7 months ago.
I do handle taxes for some clients, but that is not my area of expertise. You could post a new question as mentioned and direct it to a tax professional. If you find that my information has been helpful then I would appreciate you leaving me positive feedback. In the event you don't feel it was complete information then I understand and would ask that you ask me to opt out of it and it can go out to all experts (attorneys) on the site. It may be faster to just type another question if you have a subscription. If you pay by the question you are also welcome to seek a refund on this question so you don't have to pay twice. You can contact customer service here should you need to seek a refund. If you have any billing issues, you can contact JustAnswer.com Award Winning Customer Service:http://ww2.justanswer.com/help or 1.***-***-****. I wish you the best and let me know if there is anything else I can assist you with this evening. Ron

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