I've lived in my condo for 10 years. The deed was in my partner's name and after her death in 2007 the condo was willed to me. The actual deed was transferred to my name in December of 2008. I have a job offer in another state and want to sell my condo in early 2010. Do I qualify to be exempt from capital gains tax on the sale?
Your additional detail is all the information needed. If the condo has not increased in value, there are no capital gains and you will owe no tax when you sell it. Record the sale on Schedule D with no gain.
If there had been gain, since you owned the house since the time of the other owner's death, as long as two years had passed, you likely would be given the exclusion. The delay in recording the deed would not disqualify you from the exclusion.
it became your residence in Dec. 2008 therefore you would not qualify for the exclusion, not having owned it 5 yrs
you need to have the stepped up basis(or stepped down) of the condo when your partner died and the property became yours
the difference between that new basis and the sale(less expenses of sale etc) is your capital gain and not subject to the exclusion
The $250K exemption from tax requires that you lived in it as your main home for 2 of the last 5 years before the sale (OK there) AND that you own it for 2 of the last 5 years (don't qualify). So sorry, but no you can't exempt the gain from capital gains tax.
No, because you only owned the place for less than 3 years. How long you lived there is irrelevant.
Between the date of death and 2010 did it actually go up in value?