TAX FILE MEMORANDUM DATE: October 21,2022 FROM: Navdeep Singh SUBJECT: Nell Potter's Sale...
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TAX FILE MEMORANDUM DATE: October FROM: Navdeep Singh SUBJECT: Nell Potter's Sale of Residence Nell Potter contacted us on behalf of herself and her sisters, Nina and Nora. They recently sold the house that they inherited from their parents twentyfive years ago and have lived in for the past years. At the time the house was inherited, it had a fair market value of $ Each sister had a onethird ownership interest in the house. During the period they owned and occupied the house, the sisters incurred various expenditures for repairs and maintenance. However, during this period, they made no capital erpenditures. They recently sold the house for $ Selling expenses and legal fees were $ Each of the sisters for exclusion treatment under All three satisfy the atleastyears ownership and occupancy requirements. Because the realized gain for each sister is more than the $ exclusion, each sister has a $ recognized gain. The tax consequences for each sister are as follows. 
TAX FILE MEMORANDUM
DATE: October
FROM: Navdeep Singh
SUBJECT: Nell Potter's Sale of Residence
Nell Potter contacted us on behalf of herself and her sisters, Nina and Nora. They recently sold the house that they inherited from their parents twentyfive years ago and have lived in for the past years. At the time the house was inherited, it had a fair market value of $ Each sister had a onethird ownership interest in the house.
During the period they owned and occupied the house, the sisters incurred various expenditures for repairs and maintenance. However, during this period, they made no capital erpenditures.
They recently sold the house for $ Selling expenses and legal fees were $
Each of the sisters for exclusion treatment under All three satisfy the atleastyears ownership and occupancy requirements. Because the realized gain for each sister is more than the $ exclusion, each sister has a $ recognized gain. The tax consequences for each sister are as follows.
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