Saturday, August 13, 2011

My sister and I bought my mom's condo about 5 years ago from her for $1. She cont'd to live there and pay the?

to live there and pay the mortgage as rent. Mom recently ped away and condo sold. Would this be considered a gift or rental property? Will it be considered a capital et and will there be capital gains to my sister and I. If we have a joint account for the proceeds, how will we file taxes as joint account holders?

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