Life estate created 15 years ago and parent is now 90 and still living. Children are selling home. I realize children will pay capital gains on their share and parent should be eligible for 121 exclusion, However, I have not dealt with the actual calculations of a life estate. What IRS tables do I use to determine Life Estate/Remainder % (I think Table S, but need confirmation) and do I use table based on current age of parent , date of sale, and sale price of residence?
Peggy Sioux
Peggy Sioux