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Several years ago my uncle transfered as a gift his property in NY to me (a Florida resident). He lived alone in the home until his death. Immediatly thereafter I sold the property at current market value. Since my uncle lived in the property alone I was informed that my basis price on the sale is only the current market value thus avouding capital gains. Is this true

jameshogg · Posted: Wed Jul 21, 2010 12:02 am Post subject:

Hi Guest,

As you sold off the property at the market value and did not receive any profit from the sale of the property, you won't be liable for the capital gains taxes.

Thanks

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