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My Mothers home just sold she passed in "09" - my Nephew has

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been living there for free...
My Mothers home just sold she passed in "09" - my Nephew has been living there for free up to sale of the home - a Trust was provided which divides the money between 4 ea. siblings - one has passed but the trust calls for Her kids to get her share (i.e. Nephew) since he has been living there up to sale of the home are we exempt from paying taxes on the Capital Gains?
Submitted: 1 year ago.Category: Tax
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Answered in 1 minute by:
7/31/2016
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago
Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
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Hi, my name is Mark. I will be happy to help you with your questions.

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Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago

Unfortunately you would not be exempt from Capital gains on the sale of the home.

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Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago

The trust would receive a step up in basis for the FMV of the house at the time of your Mother's death or six months later.

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Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago

If your Mother's basis was higher than the value of 2009 you would use the higher value.

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Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago

The capital gain would be determine by the sales pricing less closing costs and less the basis in the house.

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Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago

Depending on the type of trust, the taxes will paid by the trust or by the beneficiaries.

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Customer reply replied 1 year ago
what is FMV
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago

Sorry - Fair Market Value

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