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This isn't my primary residence, but it's also not an investment property.

Oh but it is investment property. That's why Phil told you the property will be treated as a long term capital gain.

I have a question however, is the mortgage from a bank, or a personal mortgage between your grandmother and you? If this is a personal mortgage, is it recorded? In NY, if this is a personal mortgage, do yu actually have title to your grandmothers house, or will title pass when the contract to your grandmother is paid off? Does she have a will that states you will inherit the house and any unpaid mortgage debt will be forgiven? There may be a stepped up basis possibility if my thought is fact and your grandmother passes before the personal contract is paid off.

There may be a lot more to your question than you stated in your post.

Please give us more information about that mortgage.
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