Legal Question in Real Estate Law in California
Three siblings; two in the state of location, New York and one out of state own the family home purchased from a parent now deceased for one dollar in 1999. It was sold recently so do we owe capital gain taxes or because it was inherited is there a waiver on said taxes. Home sold for under 56000 dollars.
Asked on 12/19/15, 2:07 pm
1 Answer from Attorneys
Bryan Whipple
Bryan R. R. Whipple, Attorney at Law
Your facts seem to be inconsistent.....was the home purchased from the parent for $1 before the parent's death, or was the home inherited? If it were inherited, there'd be a step-up in the initial tax value to the value on the date of inheritance. If instead the three siblings bought the property for $1, that'd be their initial tax value and they'd be liable for capital gains tax on about $55,999.
Answered on 12/19/15, 3:56 pm
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