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I received a check for 1/2 of the proceeds from the sale of
I received a check for 1/2 of the proceeds from the sale of my parents home after their death. The other half went to my sister. The house was in a revocable trust and was totally paid off 20 years or… read more
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My whole retirement income is in collectables. Please let me
My whole retirement income is in collectables. Please let me know how the new tax law affects collectables. 80 year old Mrs. Proctor … read more
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My parents had a revocable living trust. My father passed
My parents had a revocable living trust. My father passed away almost a year ago and the trust is about to settle (allocate the assets). A rental home was left to me and my brothers. We are going to s… read more
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My wife inherited a piece of rental property from a
My wife inherited a piece of rental property from a revocable trust that her parents had set up after her father and brother died her mom did an amendment that made her trustee and sole heir. Her mom … read more
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My husband died on 4/28/17. We have three properties in CA.I
My husband died on 4/28/17. We have three properties in CA.I sold one of the properties on July1,2017.All of the CA houses are in a revocable trust in community property.I have been told that all the … read more
Chad EA, CDFA®, CFP®
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I inherited a real estate in Mtn. view, California from a
Hi, I inherited a real estate in Mtn. view, California from a revocable living trust in May 2015. The trustor passed away in May 2015. I spent money (100k) to get the property fixed up and sold it in … read more
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Capital gains on sale of primary residence can you add to
for CA capital gains on sale of primary residence can you add to the basis the original price of the home? (Jointly owned home with surviving spouse wanting to sell).… read more
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What is California tax law regarding previously deceased
What is California tax law regarding previously deceased spouse and step up value of home at time of death for capital gain tax computing when surviving spouse prepares to sell (Primary Home)?… read more
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A friend's wife just passed away a year ago Nov. He
A friend's wife just passed away a year ago Nov. He lives in Los Altos, Ca in a home they both owned together near SF while she lived in a home they owned in Palm Desert. They bought the home in 1996 … read more
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My Mother-in-law and Father-in-law signed the deed to their
My Mother-in-law and Father-in-law signed the deed to their home over to their 3 children (my wife and her 2 brothers) in 1993. They built the home in 1950 at a cost of $12,500. At the time of the dee… read more
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Can I avoid or reduce capital gains on property that was gifted
Can I avoid or reduce capital gains on property that was gifted by my mother? I helped my mother refinance her primary residence, I had to go on title and we recorded it as joint tenancy, she died one… read more
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I recently was informed I will be receiving a free and clear
I recently was informed I will be receiving a free and clear home as an inheritance. I intend to sell the home. When it sells are the proceeds still an inheritance not involving capital gains?… read more
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My husband and I built a vacation home in CA about 15 years
My husband and I built a vacation home in CA about 15 years ago, and several years after that, retired and moved to AZ, but still keeping the vacation home in CA. We live in AZ for 7 or 8 mos. and in … read more
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My father gifted his house to my brother and I before he passed
My father gifted his house to my brother and I before he passed away. The tax basis was not changed so I pay very little in property tax. My brother needs to sell his half to me. How can this be done … read more
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My mother sold me a house for 10.00 it was titiled to me
My mother sold me a house for 10.00 it was titiled to me 5 years ago. She lived in the house and it was written up she could stay there tell the day she died. I never paided the tax and all bills went… read more
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Dad is in assisted living, home is worth about 350,000, lived
Dad is in assisted living, home is worth about 350,000, lived in it for over 50 years. Mother died 3 years ago, and the house is part of a trust. Outside of capital gains, and improvement deductions, … read more
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If my elderly mother sells the only house here in ...
If my elderly mother sells the only house here in California she has been living in for over 54 years and is moving into a retirement community that offers independent living thru hospitalization, wil… read more
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sold a rental house we had July 2006. selling price was ...
sold a rental house we had July 2006. selling price was 130,000 sold it for 200000. both the buying and selling included closing costs. Are the entire closing costs deductable at tax time? what can we… read more
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