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hblml312 · Joined: 23 Jun 2008 Posts: 1 1.38 Dollars($)

a Quit claim deed was executed in the year 1989.The grantor reserved unto herself a life estate in the property and the grantee was my husband. My husband passed away in 1999 and he didn't have a will, therefore, whatever we owned jointly was passed on to me as his survivor. The quit-claim deed had to go to probate to have it passed on to me. In the year 2000 the grantor passed away so I assumed all reponsibility for the property. This property is a condo in Florida and I just sold it. I am a resident of New York State and would like to know what my tax responsibility is to the Federal & State. I have the original papers of the purchase for the Condo which was prchased in 1976.

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi hblml,

Welcome to the forum.

As far as I know If the sale price is greater than the adjusted basis then you will have pay tax on it. BTW the adjusted basis is the sum total of the initial purchase price of the property and the cost of improvement that you have spent on the property. To know more about it, just have a look at http://www.mortgagefit.com/quitclaim/homesale-taxbasis.html

You should contact with an tax assessor to know how much you need to pay as tax.

Feel free if you have any further questions.

Best of luck,
Larry

smaildaytoday · Joined: 15 Oct 2007 Posts: 52 0.00 Dollars($)

I think you should employ an appraiser to appraise that house.

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a quit claim deed