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What are the tax implications to sell my Grandmothers home i

Posted on: 20th Nov, 2008 07:27 am
What are the tax implications to sell my Grandmothers home in California?...We are selling my Grandmothers home in California. We just brought her to Texas to live,as she is 97 years old and can no longer live alone. She has lived in it for about 45 years and has no other homes. What are the tax implications...capital gains, state tax, etc. The selling price would be about $265,000. She will be needing the money to help pay for her care in assisted living.
Hi persians!

Welcome to forums!

As far as I know, in California, the IRS tax rules are followed which permit sellers of a primary residence to keep up to $250,000 in profits tax free. In that case, she will have to pay the capital gains tax on the rest $15,000. You can also check out the following link to know more about capital gains and losses:
http://www.irs.gov/faqs/faq/0,,id=199598,00.html

As far as the state taxes are concerned, I think you should consult a tax consultant. He or she will tell you the various factors which will be considered while calculating the state taxes.

Feel free to ask if you have further queries.

Sussane
Posted on: 20th Nov, 2008 06:55 pm
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