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If my Mom sells her house, can she claim my deceased Dad's deduction?

October 19, 2006


My dad died two years ago and now the house is in a living trust under my momís name. If she sells the house, does she get the $500,000 exemption for sale of a principal residence, or $250,000?

Answer

Date:  04 Oct 2006

$250,000. The tax basis of the property should be eligible for some tax basis adjustments that will reduce or eliminate any taxable capital gain. See a professional tax return advisor for help.

Good luck!
Mike Gray

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IRS Circular 230 Disclosure: As required by U.S. Treasury Regulations, you are hereby advised that any written tax advice contained on this website was not written or intended to be used (and cannot be used) by any taxpayer for the purpose of avoiding penalties that may be imposed under the U.S. Internal Revenue Code.

If my Mom sells her house, can she claim my deceased Dad's deduction?

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