QUESTION

Capital gains exemption

Asked on Oct 02nd, 2024 on Taxation - New York
More details to this question:
Hi, I'm in a confusing situation that I hope you can help me with. I just sold my house last month and I'm trying to figure out if I qualify for the $250k capital gains exemption for a single tax payer. Now I should qualify since I lived in this house for a decade. The situation here is my mom was in a nursing home and did a quitclaim deed with me to transfer the house. I've read that because of the quitclaim I would have to pay capital gains on what my mom paid for the house, but she inherited it from my grandmother. So it's all a little confusing. Does me being in the house a decade supersede this quitclaim issue? I should qualify for the exemption since I lived there over 2 years, correct?
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1 ANSWER

Litigation Attorney serving Cedarhurst, NY at Jack Mevorach, Esq.
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Check with a certified public accountant. Jack
Answered on Oct 02nd, 2024 at 6:24 PM

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