Agent

Surviving spouse sells home, hits capital gains roadblock

Does seller receive new tax basis after wife's death?

The real estate event of the summer
Connect with other top producing agents at Connect SF, Aug 7-11, 2017

DEAR BOB: I recently sold my house. My wife died three years ago. Her name is still on the deed. How do I get her name off the title and figure my capital gains tax on my income tax returns? --Harold McD. DEAR HAROLD: Presuming you inherited your late wife's half of the house, you have a new stepped-up basis as of the date of her death. Purchase Bob Bruss reports online. Depending on the details, you might owe little or no capital gains tax. Please consult a local real estate attorney and tax adviser to sort out the details. SENIOR-CITIZEN REVERSE MORTGAGE AVAILABLE ONLY ON PRIMARY HOME DEAR BOB: My wife and I own three properties. We rent two and live in the other. I am 68 and she is 61. Can we obtain a reverse mortgage on our home while owning two rental properties? --Robert U. DEAR ROBERT: The fact you and your wife own two rental properties is irrelevant. The reverse mortgage is secured only by your primary residence. If you wish, you can own 100 rental properties and still obtain...