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Personal Finance and Investing

russ1943

(618 posts)

3. We'd like that.

Reply to Angry Dragon (Reply #2)

Fri Nov 10, 2017, 05:41 PM

Nov 2017

Angry, If her basis were to be the amount the condo was worth at the time of Gerties death then there would be no gain as the condo was sold almost immediately, after it was cleaned out and listed for sale. The tax guy is sure there is no inheritance component as the 2008 quit claim deed made her an owner on that document. Sister, my wife, and I would like the no gain basis but it doesn’t seem likely. Thanks for the opinion though.

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Tax question [View all] russ1943 Nov 2017 OP

Probably the right group. elleng Nov 2017 #1

I believe her basis is the amount the condo was worth at the time of Gertie's death Angry Dragon Nov 2017 #2

We'd like that. russ1943 Nov 2017 #3

Straight from the horses (The IRS) mouth; A HERETIC I AM Nov 2017 #4

Dunno, but it's not a simple inheritance. A quit claim deed is a transfer of ownership while progree Nov 2017 #5

Here's another: quit claim deed vs. transfer on death deed progree Nov 2017 #6

I'm pretty sure that PoindexterOglethorpe Nov 2017 #7

I don't think putting someone on a will ever has any tax effect at the time progree Nov 2017 #8

If the houses passes in a will, PoindexterOglethorpe Nov 2017 #9

My sister inherited a house, and the basis was the FMV at day of death progree Nov 2017 #10

Right. You inherited in a will. PoindexterOglethorpe Nov 2017 #11