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Answered in 6 minutes by:
8/7/2011
VerifiedDebra Thal (username) :
No it's not correct.
Debra Thal (username) :
You cannot claim a rental unit is exempt from capital gains tax.
Debra Thal (username) :
When your mother died there was a deemed disposition at fair market value.
Debra Thal (username) :
This means that when you acquired it you acquired it at fair market value.
Debra Thal (username) :
So this will help you down the road when you sell hers.
Debra Thal (username) :
In terms of yours, you can use her number because this was clearly fair market value.
Debra Thal (username) :
So you are set in terms of proving what the unit was worth 2 years after you bought it.
Customer:
If I understand you correctly, you are saying that I can use the figure of $310,000.00 as the assessed value when I sell the rental unit. As to my mother's unit which I bought ten years ago which was appraised by 3 real estate agents at $250,000.00, the amount I paid for it, (the estate was divided between 4 siblings), I take it that as I became the outright owner ten years ago and occupy it, I would not have to pay any capital gains when I sell that unit. Is this correct?
Debra Thal (username) :
When you sell the unit you've been renting out you would use the $310,000 as the value of the condo at the time the usage changed because you moved into live with your mother then, right?
Debra Thal (username) :
As you were living in your mother's unit from the time you owned it there is no capital gains to be taxed because it was your principal residence.
Customer:
Thank you for your reply. You have now answered all my questions.
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