[WSBARP] who pays the tax on gain?

[Kary Krismer]

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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