Legal Question in Real Estate Law in Georgia

Selling House Inherited from SO

I am planing to sell the house I inherited after my Significant Other died. I lived in the house the entire time we were together (7 years) and he even had my name added to the mortgage. (He was the principal on the loan) I helped pay for the Mort. the entire time until his death when insurance paid off the remaining balance. I have continued to live in the house (5 years) after his death. I now want to sell the house and move to another area. My question is! What kind of taxes will I have to pay on the sale of this property. I plan to use all of the money earned to buy a new house. How much can I expect to lose due to inheiratance, capitol gains or any other taxes that might be due and what are they. The property and house were left to me solely.

Thank you for any help you may be able to give me on this.

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Asked on 3/25/07, 8:32 pm

3 Answers from Attorneys
Charles W. Field Charles W. Field, Attorney at Law

Re: Selling House Inherited from SO

You need to run this by a CPA.

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Answered on 3/26/07, 10:28 am
Scott Riddle Law Office of Scott B. Riddle, LLC

Re: Selling House Inherited from SO

The overall tax consequences must be considered in light of all of your circumstances. See a CPA.

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Answered on 3/25/07, 8:40 pm
Robert Thompson J. Robert Thompson Attorney

Re: Selling House Inherited from SO

I doubt that inheritance taxes are a problem--SO apparently owed none (they would be payable at SO's death)

As to capital gains tax, you have a blanket exemption for $250,000 of gain on the sale of your principal residence, which I assume this is. You have met any applicable occupancy requirement.

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Answered on 3/25/07, 8:55 pm


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