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I was quit claim deeded my parents property 9 or 10 years…

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I was quit claim...

I was quit claim deeded my parents property 9 or 10 years ago with my dad having right to live till he died and he died a coule of years ago and I kept it an lived in it for a while. Well I just sold it for 140,000. last month and was wondering if i have to pay capital gains tax or what should I do so not to loose all my money to Uncle Greedy :~)

Accountant's Assistant: What are the assets or property for this capital gain?

I am not sure what you mean

Submitted: 23 days ago.Category: Tax
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Answered in 17 minutes by:
5/31/2018
Tax Professional: Lev, Tax Advisor replied 23 days ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,985
Experience: Taxes, Immigration, Labor Relations
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"with your father having rights to live in the property till his death" - is so-called a life estate provision.
The main question - whether that life estate provision was simply anticipated OR it was written in the deed?

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Customer reply replied 23 days ago
I am not sure I will have to look into it
Tax Professional: Lev, Tax Advisor replied 23 days ago

Please verify - that is VERY important for capital gain determination.

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Customer reply replied 23 days ago
I am sorry I dont have the time now, I will have to back to you and thanks , Steve
Tax Professional: Lev, Tax Advisor replied 23 days ago

Sure - Steve
You may come back later - I will follow up with you.

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Tax Professional: Lev, Tax Advisor replied 20 days ago

If you still have any doubts, need clarification - please be sure to ask.

I am here to help you with all Social Security / Tax related issues.
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