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Buying or Selling a Home/sale of home and capital gains tax

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Question
My mother transferred the deed to her home into my sister and my name over three years ago. My mother passed away two years ago.  My father continued to live in the house until his death this past November. My sister and I are planning to sell the house in the near future.  She was told that since the home was transferred to us over three years ago we will not have to pay capital gains tax on the sale.  Is this true?  We live in the sate of PA.

Answer
Hi Charles,
Sorry to hear about your Mother and Father passing.
You will definitely have to check with your CPA on this one. I know if you own a home and live in it for 2 years out of 5 years non consecutive you can keep all the cap gains.
This maybe a different case and I don't want to steer you in the wrong direction.
Hope this helps, but I would consult a CPA in PA.
Thanks
Jeff

Buying or Selling a Home

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Jeff Kessler

Expertise

I can answer questions about residential sales.

Experience

I have been a real estate agent for over 13 years

Organizations
NAR,ABOR, TAR

Publications
Active Rain

Education/Credentials
I have my Brokers licenses my ABR and GRI

Awards and Honors
Salesman of the year for 2005,06,07,08,09

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