What is the name of your state? Ct
Curious if there are any implications to being "given" a house, I am aware that in order to avoid capital gains this would have to be my primary residence for 2 yrs. prior to the sale to avoid stepped up cost capital gains tax ,is this correct?
after my Mom passed away in 2005
my 70 y.o Father had decided last year to leave behind his life of 35 yrs. and has subsequently moved out of state and has turned his house over to me to dispose of, I have been having to clean out a lifetime of memories, as well as accumulation of alot of "stuff" , he has told me that he would like to legally sign the house over to me, if I want it, I am considering it, but want to make sure that there are no downfalls to this.
thankyou in advance
Curious if there are any implications to being "given" a house, I am aware that in order to avoid capital gains this would have to be my primary residence for 2 yrs. prior to the sale to avoid stepped up cost capital gains tax ,is this correct?
after my Mom passed away in 2005
my 70 y.o Father had decided last year to leave behind his life of 35 yrs. and has subsequently moved out of state and has turned his house over to me to dispose of, I have been having to clean out a lifetime of memories, as well as accumulation of alot of "stuff" , he has told me that he would like to legally sign the house over to me, if I want it, I am considering it, but want to make sure that there are no downfalls to this.
thankyou in advance