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Tax consequences of a contested estate?

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boilershop

Guest
I contested a will in the State of Massachesetts, of a parent who left me a piece of property, then changed their mind. I was successful in my effort and won back the property, subject to a life estate. The life estate has expired and the property is now mine. I'm selling the property and want to know what the tax consequences will be for the sale. What rate will I be taxed at? (capital gains, etc.)
 


ALawyer

Senior Member
This is one for an accountant. The fair market value at the death -- plus capital improvements since -- should be the maximum, but whether to diminish that value by the value of the life estate is a new one for me.
 

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