IRS rules allow you to not be taxed on the profit from the sale of your principle residence, up to $250,000. It has to have been your primary residence I believe for 3 of the last 5 years(the financial advisor should know this). If that is the case you won't have any but your brother will. Additionally when your mother died you inherited the house at the stepped up value, value at the time of her death not what she paid for it.
Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators
Important Notices: By participating on this discussion
board, visitors agree to abide by the rules outlined on our Rules
page. Messages posted on the Democratic Underground Discussion Forums are the
opinions of the individuals who post them, and do not necessarily represent
the opinions of Democratic Underground, LLC.
Printer-friendly format
Email this thread to a friend
Bookmark this thread
(1000+ posts)
Send PM |
Profile |
Ignore
