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Unfortunately, because it's not your principal residence, you would not be eligible for the exclusion of capital gains resulting from the sale of a principal residence with respect to your remainder interest. So, you would be taxed on your share of the gain....your share of sale price (less closing costs) in excess of your share of the basis in the property (basis is the original purchase price plus the cost of any improvements made to the property). If there is a big gain, you would really be better off keeping the property as long as your mom is alive so that you can get an adjustment to the basis to its fair market value as of the date of her death. Then, when you sold it, you would have no gain because of that basis adjustment. In the interim, if you needed money from the house, you could obtain a home equity loan which you could pay off upon the later sale of the home.
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