[WSBARP] who pays the tax on gain?
Kary Krismer
Krismer at comcast.net
Sat Apr 10 19:16:13 PDT 2021
On 4/10/2021 6:46 PM, John J. Sullivan, Esq. wrote:
> Once that’s “old and cold,” the sale by the daughter can close, be
> reported solely under her SS# on the 1099 and assuming she has
> fulfilled the ownership and residence rules should be able to apply
> the full $250K exemption to 100% of the sale. This also eliminates the
> complications of characterizing it as a gift.
>
> John J. Sullivan
>
>
Can you elaborate on aging the deed and how that matters for 1099s? I
was unaware of any connection beyond being outside the escrow for sale.
Kary L. Krismer
206 723-2148
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