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life estate taxes

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S

serzyski

Guest
have had a life estate for 7 years. had to put mother in nursing home. have sold the house. what are our tax
liabilities??
 


A

ALawyer

Senior Member
I am confused. WHO had a life estate? Who owned the residuary estate?

There is probably a capital gains tax on the difference between the basis (purchase price plus improvements) and the sale price, but the cost of her care will be a deduction on her return. Speak to an accountant.
 
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