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