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Mother in law grant deeded her mortgaged house to her 3

Customer Question
Mother in law grant...

Mother in law grant deeded her mortgaged house to her 3 children August 2014, she went into assisted living then died Jan 2015. Appraisal was not done on the property until August 2015. The property is now in escrow. Will we need to get an appraisal from August 2014 or will IRS accept August 2015 date?

Lawyer's Assistant: Is this a fixed-rate or adjustable-rate mortgage?

Fixed rate mortgage, renters in from 2015- May 2017.

Lawyer's Assistant: Where is the property located?

Corona, CA

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

Capital Gains will be split 3 ways, one brother claimed the property on his taxes 2016. The other 2 did not claim anything on their taxes.

Submitted: 6 months ago.Category: Real Estate Law
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Answered in 5 minutes by:
7/29/2017
Real Estate Lawyer: Barrister, Lawyer replied 6 months ago
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 39,995
Experience: 17 years real estate, Realtor. Landlord 26 years
Verified

Hello and welcome! My name is ***** ***** I am a licensed attorney and will try my best to help with your situation. There may be a slight delay in my responses as I type out an answer or reply.

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You may also be offered a phone call, but those don’t come from me and are offered by the website and you are under no obligation to accept.

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When mother gifted you the house in Aug 2014, you would have taken it at the same "cost basis" that she had. So whatever she paid for the house initially is what your cost would be, plus any improvements over the years.

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You don't get a stepped up basis with gifts like you would if you inherited it after she passed.

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So if she paid $100K for it long ago, and it was worth $300K when she gifted it to you, then your basis is still the $100K and that is what capital gains taxes are based off of.

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thanks

Barrister

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Real Estate Lawyer: Barrister, Lawyer replied 6 months ago

Hello again,

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I just wanted to touch base with you and check in.

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Did you have any further questions I can help with?

.

.

Thanks much

Barrister

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Barrister
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 39,995
39,995 Satisfied Customers
Experience: 17 years real estate, Realtor. Landlord 26 years

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