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My sister and I are co execturs of our Mothers estate. AS such…

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My sister and I are...
My sister and I are co execturs of our Mothers estate. AS such ,if we were to rent out house from estate, would their be any tax savings for two years. Home is valued at 900,00. She had been living in house for previous 48 years? Capital gains tax.Home is calif.
Submitted: 8 years ago.Category: Tax
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Answered in 8 hours by:
6/30/2010
Tax Professional: Lev, Tax Advisor replied 8 years ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,338
Experience: Taxes, Immigration, Labor Relations
Verified

You did not mention that the property was inherited...

If your mother died in 2009 - the basis of the property is generally a fair market value (FMV) at the time your mother died.

Thus, if you are selling the property shortly after - there would not be any gain or a small gain - and very small or none capital gain taxes.

 

Renting the property by itself will not lower the capital gain, but overall might affect your financial and tax situation.

For instance - by renting the property - you will have an additional income and consider today's market - might get a better price after several years.

 

Please let me know if you need any help.

 

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