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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.
To use the IRC 121 and exclude gain (up to $250k for single and $500k for married) you need to not only have lived there for at least 2 years out of the 5 years prior to sell but have owned the property too.
If you sale 1 year after inheriting you do not meet the ownership part.
You may not have any gain. When you inherit your cost is the fair market value on the date your grandmother passed away. If the value is the same as the sale price you have no gain and no tax to pay.
Has the house increased that much over the one year?
Please let me know if you need clarification. If you do not then a positive 5 star rating is appreciated so I get credit for the response. (look for the STARS or SMILEY FACES)
Did you need clarification especially about calculating the gain?