Deeds, Capital Gains... Etc.. Hello, My wife inherited a house from her grandmother, which was put into a trust,many years ago before we were married.
We never had/got around to putting my name on the deed.
We are now looking to sell the house (we're in California, if that changes anything) and due to the situation with the deed we have been asked to sign a Interspousal Grant Deed. We are concerned, that since she will be selling the property "on her own" it will affect the capital gains tax if she profits over $250K...
However, we're not sure if that would apply if we are married and file jointly. Obviously this is all very new to us, so any insight on this situation would be appreciated! Thank you. |