| Capital gains on property purchased from parents
Hi - I'm hoping that someone can answer this:
* I'm a Massachusetts resident
* In June of 1997, my mother bought a condo for $52K and used it as her primary residence for several years
* In April of 2003, my mother sold the condo to me and my brother for $100.00 (one hundred dollars)
* Since 2003, we have used the property as rental property, never lived there.
* We are now (Nov 2015) selling the condo for $97K
How are our capital gains taxes going to be calculated?
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