Legal Question in Tax Law in California
Real Estate Tax
I pay taxes in California. I inherited half interest in a condo in Seattle. After my co-tenant lived there for 12 years, we sold in 2007. I received 150k and am satisfied with the amount. What are the tax consequences to me?
1 Answer from Attorneys
Re: Real Estate Tax
There are more issues here that need to be figured out. What was the value of the property at the time you inherited it? Did you live in the property for 12 years (actually 3-5 is all we really care about). Did you charge your co-tenant rent? If so did you depreciate the portion of the house they lived in?
Most likely, assuming you did not depreciate the house, you lived in it (and owned it) for 3 of the last 5 years, and you have not sold any other houses in that time period.... you will be able to take an exception for the full appreciation of the house. But I would need to know more to decide for sure. You might want to talk to a CPA.
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