Legal Question in Real Estate Law in New York

Sale of second home's tax consequences

3 years ago, mother transfered her home to son. Since then she moved to live with a daughter. House is empty. Son wants to sell. What are tax consequences?


Asked on 8/27/07, 6:55 pm

1 Answer from Attorneys
Arnold Nager Arnold H. Nager, Esquire

Re: Sale of second home's tax consequences

Unless the home was the son's primary residence for at least two of the last five years, the gain over the mother's cost is taxed as a capital gain.

This post is not legal advice and does not create an attorney-client relationship. It is a comment on the legal question posed by the poster and should not be relied upon in any way. All readers are advised to consult an attorney to address their specific legal concerns. Additional facts could affect the answer given.

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Answered on 8/28/07, 1:06 pm


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