Legal Question in Real Estate Law in Illinois
capital gains tax
My husband died in January and we owned a home as joint tenants wros. I had not lived in the home for 8 eight years. Will I have to pay capital gains tax on the proceeds of the sale of this home. Can I avoid the tax if I purchase a home within two years.
Asked on 5/12/04, 6:28 am
1 Answer from Attorneys
Thomas Moens
Moens Law Offices, Chartered
Re: capital gains tax
You have no need to purchase the house--it's already yours. Joint tenancy between two people essentially means that the joint tenants each own an undivided one-half interest in the property, and when one dies, the other owns the property automatically.
Answered on 5/12/04, 8:43 am
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