My stepdaughter inherited a condo in Seattle from her grandmother in 1999. A life estate was bequeathed to the grandmother's then-husband, and he died this year. At that point, the shares in the co-op became unencumbered by the life estate.
My stepdaughter is going to sell the condo. Given that she doesn't own any "real property," and only shares in the association, what tax liabilities will she face when she sells? She didn't have to pay any inheritance tax on the condo, and didn't even have to pay any real estate transfer taxes to the county because legally she doesn't own any "real estate."
What tax liabilities will she face, if any, upon selling her shares and thus the ownership of the condo?
Will she pay a capital gains tax on the increase in value of the property between 1999 and this year? She has not lived in the condo, so it doesn't qualify as a primary residence. Thanks.
My stepdaughter is going to sell the condo. Given that she doesn't own any "real property," and only shares in the association, what tax liabilities will she face when she sells? She didn't have to pay any inheritance tax on the condo, and didn't even have to pay any real estate transfer taxes to the county because legally she doesn't own any "real estate."
What tax liabilities will she face, if any, upon selling her shares and thus the ownership of the condo?
Will she pay a capital gains tax on the increase in value of the property between 1999 and this year? She has not lived in the condo, so it doesn't qualify as a primary residence. Thanks.
Tax on selling co-op shares in Washington State
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