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Author: mrmischief Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121594  
Subject: Sale of a rental that was inherited Date: 1/18/2000 11:00 AM
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Hello! I have a home that I inherited 60% of its value. My step-mother owns the other 40%. The property is in a trust and was deemed to be sold after my step-mother moved out one year later. The property was listed but did not sell. To have some money to maintain the house and pay for some upgrades, we rented the house for 1 year. My concern is that the property may be commercial and good old uncle sam is going to try and take us to the cleaners when the home sells. If the home had sold before we rented, the sale would have been tax free.

p.s. The home is free and clear.

mrmischief
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