Capital Gains and Losses

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My parents set up an irrevocable trust many years ago that
My parents set up an irrevocable trust many years ago that stated when they died, their property would be divided equally among my siblings and I. They are both gone now and the trust is in the proces… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
8,384 satisfied customers
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
levr
levr
Retired
Bachelor's Degree Equivalent
30,494 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
levr
levr
Retired
Bachelor's Degree Equivalent
30,494 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
bkb1956
bkb1956
Enrolled Agent, Paralegal
15,122 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's Degree
8,384 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
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
12,108 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
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
12,108 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
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
12,108 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
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
12,108 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
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
12,108 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
29,980 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
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
12,108 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
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
12,108 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
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