Legal Question in Real Estate Law in Virginia

My mother put all three of her children (2 girls and 1 boy) on the deed to her property while reserving lif rights to said property. It was not her primary residence. Since then one of the children (son) gifted his portion to his two sisters in 2010 and then the mother gifted her life rights portion to the 2 sisters in 2012. Will the 2 sisters (owners) of the property have to pay capital gains on the property if they sell it? I am considering moving there to live for 2 years and take my elderly mother with me, she who needs 24/7 care. We live in the state of VA. I have read that if the owners live in the property for 2 years as their primary residence before they sell it that they do not have to pay capital gains.


Asked on 12/07/16, 2:20 pm

1 Answer from Attorneys
Michael Hendrickson Law Office Michael E. Hendrickson

No, that's not quite right, i.e., the two sisters as owners would be able to claim an exclusion of up to $250K from capital gains liability if they were to live on the

property as their primary residence for at least two of the five years immediately preceding the date that they sold the property for its fair market value (FMV).

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Answered on 12/08/16, 2:40 pm


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