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I sold in 2017 a property that was gifted with a life estate…

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I sold in 2017...

I sold in 2017 a property that was gifted with a life estate in 2001 for $83,000. the appraised amount was for $96,000 and assessment was for $112,000..my total income in 2017 was $35,200. what if any capital gains am I responsible for?

Accountant's Assistant: The Accountant will know how to help. Is there anything else important you think the Accountant should know?

Not that I am aware of at this point.

Submitted: 26 days ago.Category: Tax
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Answered in 23 minutes by:
3/26/2018
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 26 days ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,986
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Hi. …. My name’s Lane,

I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, to clients on three continents, since 1986.

I’m reading your question now.

Bear with me a moment while I type up my response.

….

Then if you have further questions we can go from there.

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 26 days ago

Are you the remainderman or the life tenant.

...

Also was the property sold AFTER the life tenant passed or was the life tenant still living

...

(Need to know that to answer the question), Thanks

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Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,986
13,986 Satisfied Customers
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

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