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I inherited my mother’s home when she passed in May. The…

Customer Question
I inherited my mother’s...

I inherited my mother’s home when she passed in May. The home is being sold and is in escrow. CA form 593c is unclear to me. Mom would have met the irs requirement for residing in the home but I do not. Escrow wants to withhold 3.33% of the sell8ng

Lawyer's Assistant: Since estate law varies from place to place, can you tell me what state this is in?

California

Lawyer's Assistant: What documents or supporting evidence do you have?

Calif form 593C and irs 523

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

My understanding is we only owe taxes based on the stepped up basis, not on the full selling price.

Submitted: 6 months ago.Category: Estate Law
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Customer reply replied 6 months ago
My question is on calif form 593c. Can we certify that we can waive the 3.33% deduction? Box 1 or 2? The home is selling for $1.25m.
Answered in 9 minutes by:
11/30/2017
Estate Lawyer: LegalGems, Attorney replied 6 months ago
LegalGems
LegalGems, Attorney
Category: Estate Law
Satisfied Customers: 13,372
Experience: Private Practice; Elder Law Attorney; Estate Planning; Attorney Mentor
Verified

Hello! I will be reviewing your question and posting a response momentarily; if you have any follow up questions please respond here. Thanks!

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Estate Lawyer: LegalGems, Attorney replied 6 months ago

My sympathies for your loss;

Yes, per IRS code 121 this is referring to the principal residence requirement and is addressing the decedent's ability to qualify; so for example if the decedent lived in the home 2 of the past 5 years that would qualify;

please see:

https://www.irs.gov/pub/irs-drop/rr-14-02.pdf

Additionally you are correct that the heir receives the stepped up basis on inherited assets so any pre-death gain are not taxable to the heir -please see:

https://www.irs.gov/pub/irs-utl/21_-_inherited_assets_-_stepped-up_basis.pdf

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Customer reply replied 6 months ago
we are ok in certifying that she met the requirement and I did not? Title was transferred from her trust to me as an individual and then to my trust and now we are selling. Real estate person thinks the residence requirement only pertains to me living in the house.
Estate Lawyer: LegalGems, Attorney replied 6 months ago

If you show the real estate person the IRC 121 and the first line of the form that should help clarify the situation.

Please see the top of page 6 here:

Estates The law does not provide for an exemption to an estate because the decedent was a California resident. However, if the property being sold qualifies as the decedent’s principal residence, withholding is not required if certified on Form 593-C.

https://www.ftb.ca.gov/forms/misc/1016.pdf

instructions:

Line 1 – Principal Residence To qualify as your principal residence under IRC Section 121, you (or the decedent) generally must have owned and lived in the property as your main home for at least two years during the five-year period ending on the date of sale. Military and Foreign Service, get FTB Pub. 1032, Tax Information for Military Personnel. You can have only one main home at a time. If you have two homes and live in both of them, the main home is the one you lived in most of the time. There are exceptions to the two-year rule if the primary reason you are selling the home is for a change in the place of employment, health, or unforeseen circumstances such as death, divorce or termination of registered domestic partnership, or loss of job, etc. For more information about what qualifies as your principal residence or exceptions to the two-year rule, get federal Publication 523, Selling Your Home. You can get this publication at irs.gov, or call(###) ###-#### If only a portion of the property qualifies as your principal residence, insert the percentage allocated to the principal residence in the space above line 1 and inform the REEP. The allocation method should be the same as the seller used to determine depreciation. Line 2 – Property last used as your principal residence If the property was last used as the seller’s or decedent’s principal residence within the meaning of IRC Section 121 without regard to the two-year time period, no withholding is required. If the last use of the property was as a vacation home, second home, or rental, you do not qualify for the exemption. You must have lived in the property as your main home. If you have two homes and live in both of them, the main home is the one you lived in most of the time.

https://www.ftb.ca.gov/forms/2013/13_593bk.pdf

For trust information please see:

https://www.ftb.ca.gov/individuals/wsc/California-Real-Estate.shtml

Further questions? Please post here to continue the chat.

Satisfied? Kindly rate positively so I receive credit for assisting you. I hope that you feel I have earned

5 stars 🌟🌟🌟🌟🌟*****

as I strive to provide my customers with great service. ☺️

(no additional charges are incurred).

Information provided is for educational purposes only. Consultation with a personal attorney is always recommended so your particular facts may be considered. The terms addressing this can be viewed here:

http://ww2.justanswer.com/terms-service-0#information

Thank you and take care.

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Estate Lawyer: LegalGems, Attorney replied 6 months ago

Hello again; just checking in to see how things worked out;

If you have no further questions a positive rating is most appreciated (at no additional cost to you) and allows the site to credit my account for the time spent assisting you!

if you have further questions please don't hesitate to reach out to me here on Just Answerand I will do my best to get you the requested information.
Thanks!

The above information is for educational purposes only. A consultation with a private attorney is recommended so they can apply the law to your specific facts, and suggest the best course of action. An attorney can be located here:
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