D
DJ37
Guest
In 1998 my mother and father-in-law deeded their house, located in Arkansas, to me with the provision that could continue to live there for their lifetime. My father-in-law is now deceased and my mother-in-law has moved into an assisted living facility. I presently own a home in Minnesota. The house in Arkansas has been sold for $70,000.
I need answers to the following questions:
1. Should my father-in law have filled a gift tax form when he transferred his home to me?
2. What are the tax implications for capital gains, estate taxes, etc?
3. If capital gains taxes are due what is the cost basis used to calculate them?
I would appreciate any advice you can give me.
I need answers to the following questions:
1. Should my father-in law have filled a gift tax form when he transferred his home to me?
2. What are the tax implications for capital gains, estate taxes, etc?
3. If capital gains taxes are due what is the cost basis used to calculate them?
I would appreciate any advice you can give me.