Quote:
Originally Posted by Vleka
I need some advice. My mothers home is also in my name. She has passed away and I need to sell her house and split the money three ways with my siblings. What is the best way to do that without everyone getting dinged by taxes? Can I gift it to them? Can I just deposit my share in the bank or do I have to reinvest it in another house? I would appreciate any advice you can give me. Thank you.
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If you were part owner (house in your name) your half or what ever portion was in your name is not Stepped Up. The portion that was your moms is Stepped Up no taxes on the the sell of her portion of the gains when the house is sold. You need to go back to the time you added yourself to the ownership of the home to figure out the value of the home at that time, when you sell the home the gain is based on gains on your portion from the time you took part ownership and what the house sold. Your portion of the gains are taxable, they are not Stepped Up.
In FL there is no need to add your child to your home because of the homestead protection.
Seek CPA help.