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Fri 2 Sep, 2022 07:06 pm
My sister died shortly after she sold her home in 2022. The proceeds of her house sale were deposited into a POD account of which I am the beneficiary.
She sold her home for $470,000 more than she paid for it in 2010. I know as a single person she would be entitled to a $250,000 exemption from capital gains when her final tax return is filed.
She did not have any W2 income in 2022.
I would like to know:
What would the capital gains tax rate be on the remaining $220,000?
Are there any other deductions that could reduce capital gains tax?
@CydBro,
Don't be cheap. Ask a professional accountant or attorney. No one here is going to give you free legal advice, let alone violate the site's TOS/Terms of Service...
Quote:D. THIS SERVICE DOES NOT PROVIDE PROFESSIONAL LEGAL ADVICE. All of the services' content, including postings, is for informational purposes only. The service is not intended to be a substitute for professional legal advice, and no attorney/client privilege is to be inferred from any postings herein. Always seek the advice of a qualified legal professional with questions you have regarding a legal matter. You should not disregard professional legal advice because of something you have received from or read in the able2know service.
@tsarstepan,
Yep, she needs a professional. Don't mess with the IRS.
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