Do I Need To Sell My Home As Regular Capital Gains Sale? Hello,
I have a home that I intend to sell within the next 6 months, or possibly sooner (perhaps before Jan. 1, 2019). I am confused about how I must sell it, or what options I have to minimize my tax obligations.
My home was bought by my parents in 1973. My parents and I were all on the title. My mother passed away in 1984, with my father and I as the remaining survivors. My father died last year, and now I am the sole owner.
I do not live in the house, and have not lived there since the 1970s. I have lived in apartments for the last 40-odd years.
How must I sell the house? Is this a regular sale with capital gains tax consequences? Do I have to sell it as an investment property?
Please help clarify the situation. Many thanks.
Josef |