taxable gain on real estate?

Question

my father passed away in 1999 , now my mother is going to sell their home which i assume was jtros . does the cost basis of half the house get " stepped up basis " as to capital gains to my mother . thanks

Answer 1

Without knowing who owned the house at the date of your father's death, any answers which purport to be definitive will be dangerous. Find out how the property was held and any number of the tax pros here will be happy to give you some guidance.

Answer 2

The home was a marital asset, jointly owned. Your mother will get the full cost basis, and she has an exclusion to capital gain. Since she is now single, she's allowed capital gain up to $250,000 without having to report it. (If she remarried, double that amount.)