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New Member
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Jun 21, 2012, 08:56 AM
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Fractured inheritance
In 1973 my mother and her new husband did a property division.(inheritance) They gave me an apartment.
They did it in a form of sale ($5000) I never paid a penny. The stipulation was that I would never sell it until the last of them died. He died in 2010 and I sold it in 2012. I believe the way it was done it makes it fully taxable to me. Maybe had I inherited the right way I might not had to pay the taxes.
I also gave them power of attorney in case they had to sell if they needed to.
I guess my question is, is this fully taxable?
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Senior Tax Expert
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Jun 21, 2012, 09:03 AM
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Did you live in the apartment for at least three of the last five years as your PRIMARY home? If so, then the sale is TOTALLY tax-exempt.
Otherwise, the basis is what your parents paid for the apartment.
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New Member
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Jun 21, 2012, 11:51 AM
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By the way I forgot to tell you that this apt. is located in Italy and the proceeds from the sale are still there.
I lived in it for 2-3 weeks a year when I visited. Every year or other year.
As fot the basis,do I just research what it cost when it was built? Estimate? They did the building.
Thank you
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Senior Tax Expert
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Jun 21, 2012, 12:01 PM
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Okay, then the apartment does NOT qualify for the tax exemption.
Contact the executor of the estate; he MAY know what your parents paid for the building and what the apartment itself may have been worth when they bought the building.
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