Capital Gains and Losses

Capital Gains Tax Questions? Ask a Tax Advisor for Answers ASAP

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

Our mother is setting up her estate/will to sell her

Our mother is setting...

Our mother is setting up her estate/will to sell her property to be divided up between her 4 children equally. She's own the property for 66 years with no debt on it. If she sells for cash how do we avoid Capital gains or taxes

Accountant's Assistant: I love the idea of making big money with investments, but there are so many things that could go wrong. The Accountant will be able to help you. Is there anything else important you think the Accountant should know?

She's 87 and not up on estate planning

Show More
Show Less
Ask Your Own Capital Gains and Losses Question
Answered in 6 minutes by:
3/1/2018
Mark Taylor
Mark Taylor, Certified Public Accountant
Category: Capital Gains and Losses
Satisfied Customers: 2,442
Experience: Certified Public Accountant
Verified

Hi, my name is Mark. I will be happy to help you with your questions. Do you know if the value of your Mother's estate is more than $11 million?

Ask Your Own Capital Gains and Losses Question
Customer reply replied 4 months ago
It's worth about 1 to 1.3 million
Customer reply replied 4 months ago
no
Customer reply replied 4 months ago
I don't want to switch to a call and pay 52 $
Customer reply replied 4 months ago
You haven't answered my question youv'e only asked me a question

Please ignore the phone call messages. These are coming from the website and not me.

If your mother owns the assets personally then her heirs would receive a step up in basis at the time of her death. This means that the assets would be valued at their fair market value.

Ask Your Own Capital Gains and Losses Question
Customer reply replied 4 months ago
lets just say she sell her property for 1 million and my share is $250,000 She's owned it out right for 66 years how much tax do I pay
Customer reply replied 4 months ago
She sells so does she have to pay Capitol gains out of the selling price

Yes, she would need to pay capital gains on the sale. If she sells she would pay between 15-20% on gain at the federal level. Plus she would pay state taxes (if you live in a state with state income tax).

Ask Your Own Capital Gains and Losses Question
Customer reply replied 4 months ago
Thank you

It was my pleasure. I was happy to help. If you would take a moment to rate my response I would greatly appreciate it. There should be stars located above the question. If you have additional questions or need clarification I would be happy to continue the conversation.

Mark Taylor
Mark Taylor, Certified Public Accountant
Category: Capital Gains and Losses
Satisfied Customers: 2,442
Experience: Certified Public Accountant
Verified
Mark Taylor and 87 other Capital Gains and Losses Specialists are ready to help you
Ask your own question now
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax expertLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Mark Taylor Your Own Question
Mark Taylor
Mark Taylor
Mark Taylor, Certified Public Accountant
Category: Capital Gains and Losses
Satisfied Customers: 2,442
2,442 Satisfied Customers
Experience: Certified Public Accountant

Mark Taylor is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

R. Klein, EA

R. Klein, EA

Enrolled Agent

263 satisfied customers

Over 20 Years experience in resolving tough tax cases

jgordosea

jgordosea

Enrolled Agent

173 satisfied customers

As an Enrolled Agent you can be ensured of my competence in income tax matters.

PhillipB EA

PhillipB EA

Accountant

130 satisfied customers

Enrolled Agent with 8 years experience in tax return preparation, representation, and taxpayer consultation

Arthur Rubin

Arthur Rubin

Tax Preparer

77 satisfied customers

Over 22 years of tax preparation experience.

Bill-the-CPA

Bill-the-CPA

Certified Public Accountant (CPA)

55 satisfied customers

Seasoned professional with over 15 years in public accounting. Income, sales and property tax. Also accounting/tax software.

FredStevens

FredStevens

Accountant

37 satisfied customers

Experienced in business, accounting and tax planning for individuals, small/medium sized businesses and non-profit organizations

Shane-CPA

Shane-CPA

CPA, PFS, CGMA

11 satisfied customers

Shane Northrop is a Certified Public Accountant, Personal Financial Specialist and a Chartered Global Management Accountant

< Previous | Next >

Related Capital Gains and Losses Questions
Question My Mom had a Living Trust formed in 1992 with my
Question My Mom had a Living Trust formed in 1992 with my Dad as the sole Trustee/Beneficiary. The Trusts assets were real estate that they had owned jointly before establishing the trust. Per the tru… read more
Lev
Lev
Retired
Bachelor\u0027s Degree Equivalent
27,127 satisfied customers
Last year we sold my mothers house after she went into the
last year we sold my mothers house after she went into the nursing home. the house was quit claim deeded to me and my brother in 1998 with a life estate. my parents bought the house in 1991. my father… read more
Lev
Lev
Retired
Bachelor\u0027s Degree Equivalent
27,127 satisfied customers
If parent/50% property owner partner passes away; if I sell
If parent/50% property owner partner passes away; if I sell the property we own, before she passes away,(DOD) but in the same tax year, Does she still have to pay the taxes associated with the sale? J… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,444 satisfied customers
I have a real estate property that I'm looking to use to
i have a real estate property that I'm looking to use to form a lcc with my mother (currently a rental property, she intends to live there and pay off the remaining mortgage of $140k, house appraised … read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor\u0027s Degree
3,087 satisfied customers
I live in Rhode Island and so did my 91 year old Mother. She
I live in Rhode Island and so did my 91 year old Mother. She just sold her home in May. My name as well as my brothers, sisters and of course my Mothers name was on the deed at the time of the sale. M… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor\u0027s Degree
3,087 satisfied customers
Your email address came up while I was researching taxable
Hello, your email address came up while I was researching taxable gains on my Mother's home that I recently sold.Scenario1. I am an only child 2. My Mother put my name on her house (the house I grew u… read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
California - TRUST AB - Inheritance - RE 1031 Exchange My
California - TRUST AB - Inheritance - RE 1031 Exchange My mother has died with an AB trust. Three children sharing equally. House in Trust part B was valued at $375,000 at time of father's death, curr… read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
We have an life estate deed entered into 2005 there are five
We have an life estate deed entered into 2005 there are five remainders on the life estate. My mother is the owner of the property she wants to sell the property, if fact it is listed now for $450,000… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,442 satisfied customers
My mother recently moved to an assisted care facility. The
My mother recently moved to an assisted care facility. The family is now deciding on whether to rent her house out or to sell. The concern of renting is that we might have a large capital gain tax to … read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
I am hoping someone can help with this issue: My mother sold
I am hoping someone can help with this issue: My mother sold an investment property (Property A) in the fall of 2006 and was working with a 1031 exchange company to reinvest at equal or greater value.… read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
A client inherited a property from the father in 2006 with
A client inherited a property from the father in 2006 with 50% ownership, and then joint owned that property with her mother since then. She inherited another half after her mother die in 2013, then s… read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
We sold our mothers home after she died. The home was in the
We sold our mothers home after she died. The home was in the names of the four children. She gave over the deed years ago and just lived in the house. After her death the house sold for $95,000. We di… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
47 satisfied customers
Capital gains on property quit claimed to children
My mother purchased a condo in 1979 in her name. She prepared a quit claim deed to my brother and I in 1999. The original purchase price was around 45,000. My mother assumed the original loan at the t… read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
My mom died in 2014. She had put her home in both my name and
My mom died in 2014. She had put her home in both my name and my sister's name. We have sold the house and will split the money from the sale. Will it be considered capital gain? If i purchase a home … read more
PhillipB EA
PhillipB EA
Accountant
Bachelor's Degree
130 satisfied customers
Our family currently owns a property that has been rented out
Our family currently owns a property that has been rented out for the past 7 years that we are looking to sell. If we remove our mother's name from the Title of the property, would she still be hit wi… read more
PhillipB EA
PhillipB EA
Accountant
Bachelor's Degree
130 satisfied customers
my 91 yr old mother has a home in massachusetts that is in
my 91 yr old mother has a home in massachusetts that is in her revocable trust. the home is now owned by her 4 adult children. my father put it in all our names decades ago. the home is paid for in fu… read more
PhillipB EA
PhillipB EA
Accountant
Bachelor's Degree
130 satisfied customers
My mother transferred title to her home to my brother, sister
My mother transferred title to her home to my brother, sister and me as part of her estate planning about 10 years ago based on advise from her attorney and financial planner. We were told we would no… read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
My mother-in-law is 83 years old. She has two children and
My mother-in-law is 83 years old. She has two children and 9 grand children. She has a trust for her estate which at this time has an approximate value of $1.75 million, and currently all the assets a… read more
R. Klein, EA
R. Klein, EA
Enrolled Agent
Master's Degree
263 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x