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If you buy another property within a certain time frame, can

Customer Question
you avoid capitol gains tax...
If you buy another property within a certain time frame, can you avoid capitol gains tax on the sale of your home. I inherited my condo from my mother in 2010 and sold in in 2012.
Do I owe taxes on this?
Submitted: 5 years ago.Category: Tax
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Answered in 1 minute by:
4/1/2012
Tax Professional: Stephen G., Sr Income Tax Expert replied 5 years ago
Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 7,211
Experience: Extensive Experience with Tax, Financial & Estate Issues
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Stephen E. Grizey :

Hi & thanks for using our service. I'll do my best to give you a complete & accurate answer. Please ask me to clarify anything you don't understand.

Stephen E. Grizey :

No. That was the rule for many years, but not any more.

Stephen E. Grizey :

What are the dates in 2010 and 2012?

Customer:

November, 2012 inherited. Sold in January, 2012

Stephen E. Grizey :

Further, did you inherit the condo as the result of your mother's death?

Customer:

yes

Stephen E. Grizey :

You list Argentina...........are you a US citizen and are you talking about US taxes?

Customer:

yes

Stephen E. Grizey :

Did you live in the condo?

Customer:

I did until it was sold. It was my main address.

Stephen E. Grizey :

Do you know what the value of the condo was at the date of your mother's death? If so how much was the fair market value when you inherited it and how much did you sell it for?

Customer:

$165,000. Sold $155,000.

Stephen E. Grizey :

You don't owe any income tax on that;

Stephen E. Grizey :

You also can't claim a loss as it was your primary personal residence.

Stephen E. Grizey :

How does Argentina factor into the situation?

Customer:

If I got CDs from the inheritance as well. Do I pay taxes on that. I thought you could avoid that if it was within a certain amount.

Customer:

I am on vacation in B.A.

Stephen E. Grizey :

Where was the condo and where was your mother a resident of? What state?

Stephen E. Grizey :

No taxes to the beneficiary on inheritances, except possibly in some states.

Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 7,211
Experience: Extensive Experience with Tax, Financial & Estate Issues
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Stephen G.
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Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 7,211
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