Location: Queens, New York
I'm selling my primary residence (the “Home”) which is located in Queens, New York. The Home was originally purchased by my mom for $232,206 in 2008, and the deed was in my mom’s name (the “Original Deed”). A mortgage was used to finance the transaction. The Home was transferred from my mom to her trust (the “Trust”) in 2020. Finally, the Home was transferred from the Trust to me in 2022, with a quitclaim deed. I paid no consideration, and have used the Home as my primary residence since 2022.
My mom has since passed away and I have no way of obtaining the HUD-1 or sales contract from 2008. I’ve tried contacting the title company and her closing attorney, but they have both gone out of business. The mortgage bank is not willing to provide a copy of either.
I was able to locate the Original Deed and RP-5217NYC on ACRIS. The Original Deed shows consideration of $10, while the RP-5217NYC shows a full sales price of $232,206.
The Home is currently appraised at $630,000. I am aware of the standard $250,000 capital gains tax exemption from the sale of a primary residence, but understand that is in addition to the exemption for original purchase price (please correct me if I am incorrect on this).
Is the Original Deed and RP-5217NYC on ACRIS enough to prove original purchase price for capital gains exemption?
I am planning to sell the Home, however, considering I have no access to the HUD-1 or sales contract from 2008, will I have to pay capital gains tax on the full $232,206?
Alternatively, if I am able to somehow get a copy of the sales contract from 2008, is this sufficient to prove original purchase price for capital gains exemption? Do I need anything in addition to the sales contract from 2008? I definitely will be not able to get access of any copies of the checks.
Thanks in advance.
Capital gains tax exemption for sale of primary residence in NYC
byu/may241989 inRealEstate
Posted by may241989
1 Comment
Did the Trust file a 709 gift return when it transferred the house to you in 2020? If so that’s your basis since presumably the Trust listed the FMV of the house on the gift return then.