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Richard, Tax Attorney
Category: Tax
Satisfied Customers: 55324
Experience:  29 years of experience as a tax, real estate, and business attorney.
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my mother gave me her house 6 months prior to her passing away.

Resolved Question:

my mother gave me her house 6 months prior to her passing away. I sold it (it was not my primary residence). I have a 1099-s form from the sale. Do I owe federal taxes on the sale? What is it categorized as ( a gift, inheritance, ...? )
Submitted: 6 years ago.
Category: Tax
Expert:  Richard replied 6 years ago.

Good evening. It would have been far better to have received the house after she died. By receiving it as a gift prior to death, your basis in the property is her purchase price plus any capital improvements she made. Thus, you would have a capital gain equal to the sale price (less closing costs) less your basis. Had you received it at death, the basis would have stepped up to fair market value and there would have been no gain on the sale. The capital gains tax rate on your capital gain is zero if you are in the 10% or 15% marginal income tax rate. Otherwise, the capital gain rate is 15%.



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The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

Customer: replied 6 years ago.
I split the house sale with my sibling, do we use the total basis and total sale price on our individual returns or do we each use 50% of basis and 50% of sale on our individual returns?
Expert:  Richard replied 6 years ago.
You each take 50%.
Richard and 3 other Tax Specialists are ready to help you
Customer: replied 6 years ago.
Thank you, XXXXX XXXXX I figured. Now I have to go shovel snow!