Author Topic: Partially Inherited Home and then Sale  (Read 258 times)

BabyShark

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Partially Inherited Home and then Sale
« on: January 05, 2018, 06:48:16 AM »
I took Tax Law, I should have some basic understanding of this but here we are. Any help would be appreciated :)

In August 2012, I moved to Virginia and my dad bought a town home for me to live in as my primary residence for $119,000.  In August 2013, my dad gifted me 10% of it. In December 2015, he passed. In September 2017 (his estate took a while to get all straightened out), I inherited the remaining 90%, in December 2017 for $151,000.  What do I use as my acquisition date, the date I received the 10% or the date I received the remainder?  I know about the exclusion but I'm trying to figure out if I qualify based on my partial ownership in 2013.

Dicey

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Re: Partially Inherited Home and then Sale
« Reply #1 on: January 05, 2018, 09:53:49 AM »
Dude, this is why there are actual Tax Lawyers and Certified Public Accountants. There's too much down side to risk fucking this up. Pay for a highly experienced professional's advice.
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