Deepak Walia
New Member
- Jurisdiction
- New York
My parents bought a house together in the early 1970's for $65,000. They divorced in 2000 and my mom got the house as part of the divorce settlement. I live with my mom and take care of her (she is 90). We setup up a estate deed (with both my mom's name as my name) to protect assets from medical bills that may arise. I have a few questions:
1) If we decide to sell the house now (while mom is alive), will capital gains have to be paid from the original $65,000 purchase price? Or was the price of the home reset in 2000 when the house was awarded to my mom through the divorce?
2) If mom passes and I sell the house afterwards, what are the capital gains tax implications?
3) What is the best possible thing to do to avoid capital gains?
Thank You.
1) If we decide to sell the house now (while mom is alive), will capital gains have to be paid from the original $65,000 purchase price? Or was the price of the home reset in 2000 when the house was awarded to my mom through the divorce?
2) If mom passes and I sell the house afterwards, what are the capital gains tax implications?
3) What is the best possible thing to do to avoid capital gains?
Thank You.