My mother quitclaimed my sister her home. My sister wants to sell the property and take the proceeds to purchase another home for my mother. What would be the capital gains rate? Is my mother still entitled to the $250k exemption?
by 
mamigojo
ANSWERS: 1
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There are no capital gains here. It is as if your mother gave your sister a gift! If your mother's name is not on it she is not entitled to any exemptions, only for the time when her name was on the deed. I went through this too!
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