Real Estate Law
Have Real Estate Law Questions? Ask a Real Estate Lawyer.
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.
If mother wants to sell and the children agree, then they would be agreeing to sell their remainder interests and since they have owned them over a year, then they would be subject to long term capital gains tax rates. The actual rate would depend on each child's personal income tax rate and would range from 0% up to 20%..
You are very welcome. Glad to help any time.. And yes, there are only 9 states that don't impose state capital gains taxes and those 3 states are not part of the nine..
NY has a max rate of 8.8% CT is 6.7% and VT is 9%.