Hi & thanks for using our service. I'll do my best to give you a complete & accurate answer. Please ask me to clarify anything you don't understand.
No. That was the rule for many years, but not any more.
What are the dates in 2010 and 2012?
November, 2012 inherited. Sold in January, 2012
Further, did you inherit the condo as the result of your mother's death?
You list Argentina...........are you a US citizen and are you talking about US taxes?
Did you live in the condo?
I did until it was sold. It was my main address.
Do you know what the value of the condo was at the date of your mother's death? If so how much was the fair market value when you inherited it and how much did you sell it for?
$165,000. Sold $155,000.
You don't owe any income tax on that;
You also can't claim a loss as it was your primary personal residence.
How does Argentina factor into the situation?
If I got CDs from the inheritance as well. Do I pay taxes on that. I thought you could avoid that if it was within a certain amount.
I am on vacation in B.A.
Where was the condo and where was your mother a resident of? What state?
No taxes to the beneficiary on inheritances, except possibly in some states.