@dalee731wrote:
I apologize. I thought I started a new post. The home was a life estate deed.
With a life estate, the heirs' basis when selling is the fair mar...
@dalee731wrote:
I understand to report only one quarter of the total of proceeds and the fair market value would be divided by 4. My question is, we sold it to ...
Let's be clear, there are lots of plans with different rules. IRAs and qualified workplace plans (401k, etc.) are different and have different rules.
Assuming ...
Don't try to be your own lawyer.
Your capital gain is calculated from her cost if the house was a simple gift, but it is calculated from the fair market value ...
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