Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax
This answer was rated:

My mothers home was placed in my brother and my name several

years ago. She lived there...
My mothers home was placed in my brother and my name several years ago. She lived there until spring of 2012 and was placed in a nursing home due to severe bone degeneration. The
home was sold in the summer of 2012. My brother is 69 and I am 64.

What will our capital tax situation be 2012?
Show More
Show Less
Ask Your Own Tax Question
Answered in 6 minutes by:
9/7/2012
Chea Romine
Chea Romine, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 197
Experience: CPA, Managing Partner of medium sized CPA firm specializing in all areas of tax and accounting.
Verified

Chea Romine :

The sale will be treated as a long term capital gain. You will use the basis that your mother had in the home, which means what she paid for the home plus any capital improvements. You will take the sale price minus closing costs minus your basis and that will determine your taxable gain. You will claim one half of the gain and your brother will claim the other half. The federal tax rate on this gain will most likely be 15% plus your state taxes.

Please ask any follow up questions.

Chea Romine
Chea Romine, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 197
Experience: CPA, Managing Partner of medium sized CPA firm specializing in all areas of tax and accounting.
Verified
Chea Romine and 87 other Tax Specialists are ready to help you
Ask your own question now
Ask Chea Romine Your Own Question
Chea Romine
Chea Romine
Chea Romine, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 197
197 Satisfied Customers
Experience: CPA, Managing Partner of medium sized CPA firm specializing in all areas of tax and accounting.

Chea Romine is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,312 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,362 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

14,120 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,652 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
I received email stating that our 2017 federal tax return
I received email stating that our 2017 federal tax return prepared via TurboTax had been completed and filed and accepted by the IRS but no refund amount was stated therefore current refund amount and… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,811 satisfied customers
Is there federal tax on inheritance of $20,000? I am retired
I am retired and have social security and a small pension. My sister passed and left me about $20,000 last year. … read more
abci168
abci168
Principal
27 satisfied customers
Years ago I received a federal tax id number. but never used
years ago I received a federal tax id number. but never used it. would it still be active … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I spoke to you about federal tax lien release and expiration
I spoke to you about federal tax lien release and expiration at the 10 years after assessment. If I purchase a home after the expiration of statute of limitations, can irs lien and demand payment at t… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I have a federal tax lien filed 2015 with 2 assessment dates
I have a federal tax lien filed 2015 with 2 assessment dates in 2008 and 2009. you told me the both expire 2018 and 2019 respectively. how do I obtain an early release from the lien? I would like to p… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I made $16,500.00 in ssdi do I have to file a federal tax
I made $16,500.00 in ssdi do I have to file a federal tax return I'm single … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,282 satisfied customers
I have a federal tax lien filed in 2015. The date of
I have a federal tax lien filed in 2015. The date of assessment is 2008 and other is 2009. I have read that each will be zeroed after 10 years and lien satisfied. Will IRS satisfy both in 2018 or wait… read more
Fred Rook
Fred Rook
Corporate Controller
BSBA
64 satisfied customers
My question is how to change the tax rate on the Panasonic
My name is ***** ***** My question is how to change the tax rate on the Panasonic 7500? thank you … read more
taxmanrog
taxmanrog
Master\u0027s Degree
778 satisfied customers
I work part time and have no Federal taxes withheld from my
Second opinion] I work part time and have no Federal taxes withheld from my paychecks. In January for the past three years I filed a W4 form to state that I am exempt from withholding. I have not been… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Second opinion] I work part time and have no Federal taxes
Second opinion] I work part time and have no Federal taxes withheld from my paychecks. In January for the past three years I filed a W4 form to state that I am exempt from withholding. I have not been… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Federal Tax Question: My mother died on Feb 26, 2017. She
Federal Tax Question: My mother died on Feb 26, 2017. She had a trust. Some of the trust money has been distributed to the beneficiaries. The trust earned $400 in interest for 2017. Must the $400 be g… read more
Carter McBride
Carter McBride
LLM
269 satisfied customers
Will my filing of federal taxes by the April deadline be
Will my filing of federal taxes by the April deadline be according to the current set of laws (e.g. unlimited deduction of state and local taxes) or will the new "reformed" tax bill and its new rules … read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,811 satisfied customers
Will the new tax rates for businesses apply to sole
Will the new tax rates for businesses apply to sole proprietor medical practices? … read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
What are the taxes rates 2016 for term gains in irrevocable
what are the taxes rates 2016 for long term gains in irrevocable trusts … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,095 satisfied customers
I need to get a copy of my 2015 state and federal tax. I
i need to get a copy of my 2015 state and federal tax … read more
abci168
abci168
Principal
27 satisfied customers
I filed for federal tax extension and was approved, file
I filed for federal tax extension and was approved, file under married separate, after divorce finalized, in divorce decreed I am to file singe from 2016 forward, so do I have to complete the extensio… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,095 satisfied customers
Federal Tax Credit or NC Tax Credit For 2017, is there any
Federal Tax Credit or NC Tax CreditFor 2017, is there any type of tax credit for replacing a roof on a historical house (1870)? It is primary residence. They will either replace the roof or do "hydros… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,811 satisfied customers
What would the federal and state tax rate percentages be for
What would the federal and state tax rate percentages be for a $7700 IRA early withdrawal in Ohio?… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,811 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x