Home Sale Capital Gain Exclusion

Forum|Forum|6 years ago
December 7, 2019
5 replies
14 views

My client owned a home that he lived in until he died in 2013. The home was transferred to his estate in Feb, 2018. The home was sold in Feb. 2018 under his estate. My question is if the estate qualifies for $250,000 capital gain exclusion ?

Thank you for your answer

ProSeries Basic

This topic has been closed for replies.

Best answer by George4Tacks

No.

George4Tacks

Level 15

How was the property used from 2013-2018?
What was the value of the home when he died?
You really need to ask another question.

Answers are easy. Questions are hard!

C

ChiHoangAuthor

Level 6

From 2013 to 2018, his brother lived in that home. The home was appraised at $725,000 in 2013 when he died. His brother inherited that estate, the proceeds from the sale were transferred to the trust in 2019 with his brother is beneficiary.

C

ChiHoangAuthor

Level 6

From 2013 to 2018, his brother lived in that home. The home was appraised at $725,000 in 2013 when he died. His brother inherited that estate, the proceeds from the sale were transferred to the trust in 2019 with his brother is beneficiary.

George4TacksAnswer

Level 15

No.

Answers are easy. Questions are hard!

C

CROBERTMI

Level 2

sold home at a gain

Sign up

Login with SSO

Let's get you signed in

Login with SSO