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Also, where should we put the money (short term) until we figure out what to do with it?

I don't mean to be harsh, but I'm cranky this morning. Put a big chunk of it on a good lawyer and a good tax advisor, which you should have done in the first place, to straighten out the mess that the three of you have created.

On the surface you and your sister have taxable capital gains on the sale. Your mother, assuming she lived in the condo for 2 of the 5 years preceding sale and her share of the profit is less than $250,000, has no tax liability on the sale.

Maybe advisors who know local property law and can delve into the history of the property can come up with something.

Phil Marti
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