My aunt and uncle transferred the deed to my name in 2009 with them holding life estate. They have since passed away in 2025. How to figure capital gains tax on a potential sale of this vacant land? I have not had it appraised but it's worth approximately $700K.
(I asked this question a couple of months ago but left out the life estate info. Apologies for the redundacy.)
Property sale, calculating capital gains
byu/dodgy_wool intax
Posted by dodgy_wool
1 Comment
Did they transfer to you as a gift subject to the life estate or did you buy the property for fair market value subject to a life estate?