You are here:

Tax Law (Questions About Taxes)/Tax on sale of a co-op apt. in NYC


Hi, not sure if you can help me on this situation.
    I am single, an only child and a resident of Virginia. My mother resides alone in a co-op in NYC. My father passed away in 2007. My parents purchased the co-op back in 1985. The co-op lease/deed did not include my name thereon and ONLY had my mother and father's name on the co-op deed. Recently, my mother and myself decided to have our attorney change the deed by having my fathers name removed and my name added onto the deed with my mom (my mom was appointed executor). My question is this:  In the event that my mom passes away, and assuming I were to sell the co-op, what would be my basis for tax purposes since my name was just recently in 2013 added onto the deed with my mom. I wasn't sure if the basis was diff. b/w the value of the apt. when it was purchased in 1985 wrt selling price now OR diff. in value of the co-op at the time my name added to the deed in 2013 and sell price? Also, another qust. I was wondering was would I have paid less taxes if my name was SIMPLY LEFT OFF OF THE DEED and I simply INHERITED it from my mom through probate since the basis would I think be the diff. b/w co-op value at time of inheritance and selling price. I am really not sure of these answers but would gratefully appreciate any advice.
Thank you in advance for taking the time to help.
With kind regards,

Bigger picture.   

How much is Mom's estate going to be?  Roughly?   Taxable estate or not?

Generally, adding you only guarantees that you don't get a step up in basis on 1/2 of any increase in value from now till her death.

I don't think I would have put your name in the deed.   And you do have a gift track return to file.  By the way!!!   I only charge $500. Seriously.  You (mom
Actually) has a return to file.   No tax. But just the same a return is now past due

Also, does the co-op board by laws allow child immediate ownership?

And how can your mom be executor of her own estate? Not possible.   Did you mean is day's estate from 6 or 7 years ago...

Crappy lawyer you have.  What an waste of his time and your money !!!  

Tax Law (Questions About Taxes)

All Answers

Answers by Expert:

Ask Experts




Tax and general business including hospitality related (hotel mgmt degree and experience in industry prior to obtaining ms tax and cpa).


19 years cpa. ms tax. NOTE: My discussions are only a general information and do not constitute tax advise without entering into a specific agreement and executing an engagement letter; This free chat is nothing more than general information and should not be construed as tax advice nor does my response or replies imply an agreement to provide client specific advice or other guidance for purposes of avoiding IRS tax or penalties and should not be relied upon without your own validation and confirmation of the how the discussion may fit your facts... Not having all the facts and/or not having a direct client relationship prevents me from providing the most accurate replies as possible and I highly suggest using a local CPA to provide you with written advice and guidance. Taking matters into your own hands is much akin to trying to land an airplane without a license. It is easy to FLY a plane, but LANDING is when critical experience is key. In short, caveat emptor; do your homework and don't just rely on free chat board advice anywhere, anytime.

AICPA, CSCPA (Ct society), National Tax,

a bunch.

MS tax and other post graduate coursework

Awards and Honors
variety including Summa Cum Laude

Past/Present Clients
I don't disclose or kiss and tell

©2017 All rights reserved.