Legal Question in Tax Law in California
Sale of homestead
My Aunt died intestate at the age of 86 in Texas. A few months prior to her death, her home in California was sold through the courts and my sister as the Conservator. My Aunt had lived in the home for over 30 years.
Will there be taxes due in California on the sale of her home? The amount received was less than the $ 250,000.00 exemption established by the IRS Code.
Asked on 5/30/02, 7:42 pm
1 Answer from Attorneys
Ken Koenen
Koenen & Tokunaga, P.C.
Re: Sale of homestead
There could be. The property must have been her primary residence for 2 of the past five years in order to qualify for the $250K exemption.
Answered on 5/30/02, 7:52 pm