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Thread: My mothers home is also in my name
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Old 01-13-2022, 04:48 PM
Yvonnebang Yvonnebang is offline
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Quote:
Originally Posted by joseppe View Post
In simple terms, if the house was already in your name (and only your name) then there is no inheritance of the house. It was already yours. When you sell it you may incur capital gains and be taxed as such, but that depends on a number of factors.
Joseppe, can you elaborate on your point about how it "depends on a number of factors"? If it was a gift (the house deed name changed to your child's) While you were alive, then it would be capital gain exempt when the child decides to sell, right?