R
robnbill
Guest
What is the name of your state? VA
In 1995 my Mom & I purchased a condo - for my Mom to live in. I paid the mortgage and taxes - but I lived in my primary home. The condo was held in joint tenancy with the right of survivorship. Mom died in Jan 2001. I sold the condo in Apr 2002. I assume the basis is what we paid jointly for the condo in 1995? On the condo for my 2002 return, how do I treat the profit on the condo? Thanks.
In 1995 my Mom & I purchased a condo - for my Mom to live in. I paid the mortgage and taxes - but I lived in my primary home. The condo was held in joint tenancy with the right of survivorship. Mom died in Jan 2001. I sold the condo in Apr 2002. I assume the basis is what we paid jointly for the condo in 1995? On the condo for my 2002 return, how do I treat the profit on the condo? Thanks.