121 Exclusion

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  • stern100
    Member
    • Mar 2006
    • 39
    #1

    121 Exclusion

    Have a 90 yr old client owned & lived in ny home for 40 yrs.
    Son & daughter transferred home title to themselves 4 yrs ago to avoid the mom paying future nursing home exp. They just sold the home, mom lived in it up until time of sale.
    The settlement statement was disbursed evenly amongst the three for some reason.
    No 1099s issued as far as I can tell. Does the mom still get any exclusion & how do the kids report basis if any? Thanks for your thoughts.
    Tags: None
    • Jesse
      Senior Member
      • Aug 2005
      • 2064
      #2
      Mom will receive Sec 121 exclusion for her portion of ownership. Children will need to follow the Remainderman rules. I know this topic has been on the board before, so do a search w/ "life estate" or "remainderman" and you'll probably find some interesting past discussions.
      http://www.viagrabelgiquefr.com/

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        • stern100
          Member
          • Mar 2006
          • 39
          #3
          great thanks for the help

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