Legal Question in Wills and Trusts in Florida

Re: Inheriting home/selling home

NOTE: This communication is not intended as and should not be interpreted as legal advice. Rather, it is intended solely as a general discussion of legal principles. You should not rely on or take action based on this communication without first presenting ALL relevant details to a competent attorney in your jurisdiction and then receiving the attorney's individualized advice for you. By reading the "Response" to your question or comment, you agree that the opinion expressed is not intended to, nor does it, create any attorney-client relationship, nor does it constitute legal advice to any person reviewing such information, nor will it be considered an attorney-client privileged communication. If you do not agree, then stop right here, and do not read any further.

If the property was appraised on the date of death at $300,000.00 you received a "stepped up basis" equal to that amount. Therefore, based on the limited information you provided, when you sold the property in 2007 for $190,000.00, you had a $110,000.00 loss according to your basis. Accordingly, there should not be any capital gains to report. As a safety measure, you should not rely upon this information but should discuss this matter thoroughly with your CPA or other tax preparer as I do not hold myself out as a tax expert or provide tax advice.

Scott R. Jay, Esq.