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 ?
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.
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.
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