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Subject:  Tax on sale of Grandma's home Date:  1/8/2002  7:53 PM
Author:  skain Number:  56930 of 127616

I have owned a house in Upstate New York since 1997. Bought the house from my Grandmother and she still lives in it. She pays no rent. I do not live in the house, I rent a home in San Francisco. The balance of mortgage is $70K and house should sell for $120K. Can anyone tell me what my tax implications will be upon the sale of this house? This isn't my primary residence, but it's also not an investment property.

By the way... Grandma is moving to a nice apt.
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