Legal Question in Wills and Trusts in Washington
sale of deceased mothers house
My mother had a simple will dividing her home and stocks equally 3 ways between 3 brothers. The estate is worth about $300,000.00 at most.
Question... Can house be sold outside of probate and will capital gain taxes have to be paid. The house and stocks were in her name alone
Thank you
R.Lago
1 Answer from Attorneys
Re: sale of deceased mothers house
Yes, the house could be transferred from your mother's estate (by the executor) to the three of you in equal shares. The basis for the house was stepped up on the date of your mother's death. Therefore, whether the house is sold in probate or after it has been transferred to the beneficiaries there is only capital gains tax on the difference between the fair market value on the date of your mother's death and the date the house is sold -- probably not much.
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