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I have a question and was wondering if you can help me.

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My Dad passed away in 2009 so we transferred the name on the title to my sisters name. Since then I took ownership of the house and moved in. I have been paying the taxes ever since on the house. All they siblings were fine with me getting the house since I have been living there and paying that taxes on the house. I never transferred the house to my name. I am barely doing that right now. Will my sister or I have to pay any penalty fees.capital gains?

Accountant's Assistant: Is there anything else important you think the Accountant should know?

Will I have to pay capital gains if is sell it before 2 years even if I have lived in the house for over 5 years

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Answered in 2 minutes by:
3/9/2018
Gerald, Esq
Gerald, Esq, Attorney
Category: Tax
Satisfied Customers: 5,103
Experience: Over 30 years of experience.
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Hello,
Thank you for using Just Answer. Please bear with me while I review your question. I will respond fully shortly. Thank you for your patience.

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Customer reply replied 1 month ago
Hello

Hello,

Thank you for your patience and thank you for using Just Answer. I want to provide you the best service I can. Please feel free to ask any follow-up questions you have.

I am an attorney with 30 years of experience; I hope to provide you information that will help you in resolving your question.

You will not be facing any penalties. The capital gains issues will be minor if you have them at all.

1) When your father passed away there was a "Step Up" capital gain to the heirs. This means that the Cost basis of the house to the heirs was the value of the property on the date of your father's death. That will be the basis.

2) IF you are not paying your sisters for the property then it is a a gift to you. When you sisters transferred the house to you within the family as a gift you will recieve the house with the basis that they had. That is the value of the property as of the date of your father's death.

OR

If you are paying them for the house then the money that you are paying minus their Cost Basis them is their Gain or Loss. The amount that you pay will be your Cost Basis.

3) They can transfer you the property through the use of a Quit Claim Deed.

4) Once the property is in your name it must be your primary residence for 2 years. At that time you will be eligible for the capital gain exclusion for the sale of your personal residence.

I hope the information I provide is useful to you. I want you to be comfortable and satisfied with my attempt to assist you. Please, if you have ANY follow-up questions, feel free to ask.

If you ask a follow-up question and I do not respond immediately, it is because I am temporarily unavailable. I promise to respond as soon as I return. Please note that I am often unavailable Friday evening through Sunday.

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Good luck.

Please note: Information is educational and not given as legal advice. Only your local attorney can give legal advice. I can't establish or accept an attorney-client relationship with you. All posts are available for public viewing.

Kind regards,

Gerald

Gerald, Esq
Gerald, Esq, Attorney
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