Not a CPA. Most likely it would be long term capital gains capped at 15% federally. State long term may take out a few % as well. If she does not have reportable income, she can deduct out max 40k from the estate tax free federally. She might be able to move the house capital gains into something like a college fund account or trust fund not owned by her that could also reduce her tax liability.
I know, I know it sucks when the government waters down its currency, that ends up with everyone paying more taxes on their stuff going up in "currency value". I don't think anyone benefits from "free stimulus" but that's how they get you and the IRS is definitely looking out for this kind of stuff.
Not a CPA. Most likely it would be long term capital gains capped at 15% federally. State long term may take out a few % as well. If she does not have reportable income, she can deduct out max 40k from the estate tax free federally. She might be able to move the house capital gains into something like a college fund account or trust fund not owned by her that could also reduce her tax liability.
I know, I know it sucks when the government waters down its currency, that ends up with everyone paying more taxes on their stuff going up in "currency value". I don't think anyone benefits from "free stimulus" but that's how they get you and the IRS is definitely looking out for this kind of stuff.
Interesting! Thank you.
Interesting! Thank you.
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