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Buying or Selling a Home/Selling property after passing of homeowner

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Question
Approximately two years ago my mom had a quit claim deed on her primary residence.  It was drafted so that when she passed, the home would become mine.   She recently passed away and I'm now in the process of selling the home.   My question is regarding taxes - do I have to pay taxes on the capital gains?  How does this work?

Answer
Hi V,
I believe that you will have to pay the capital gains tax as it is now your property.
You will have to ask your CPA to make sure this is correct.
Also, you will have to ask them how much you will owe.
Hope this helps with your process of getting this question figured out.
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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