D
DJ37
Guest
In 1998 my mother and father-in-law deeded their house, located in another state, to me with the provision that could continue to live there for their lifetime. Upon either one of their deaths the other one will probably move. I will then put up the house for sale. The value of the house is about $70,000. I assume I will need a waver from the survivor in order to have a clear title.
I need answers to the following questions:
1. Should my father-in law have filled a gift tax form when he transferred his home to me?
2. When I sell the house what are the tax implications for capital gains, estate taxes, etc?
3. If capital gains taxes are due what is the cost basis used to calculate them?
I would appreciate any advice you can give me.
I need answers to the following questions:
1. Should my father-in law have filled a gift tax form when he transferred his home to me?
2. When I sell the house what are the tax implications for capital gains, estate taxes, etc?
3. If capital gains taxes are due what is the cost basis used to calculate them?
I would appreciate any advice you can give me.