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Q&A: "What's the Best Way to Calculate Capital Gains on Sale of a Home with Life Benefit?"

Question and background: What's the best way to calculate sale ownership for a home with life benefit? And how do capital gains on the sale work? My sister and I are on the deed to my mother's home bought in 1995 for $95,000. Mom has a life benefit estate. We want to sell the home, and mom and I are going to buy another home in a different location and just put it in my name with her as a life benefit again. Mom is 88 yrs old. So what would mom's % of the sell of her home be? My sister and I have equal share. Would we have to pay capital gains on the whole amount we sell the home for or just the gains since mom bought the house in 1995?

Estate Matters Tax

Q&A: "I Inherited a Roth IRA from My Mother. What Are My Options?"

Question and background: My mother passed away (before retirement age) and left a small amount of money in her Roth IRA. I understand I can either withdraw a lump sum or roll it over into an IRA of my own, then take mandatory distributions. It seems like either way I don't pay an early withdrawal penalty, so I might as well take the cash now (it wouldn't bump me into a higher tax bracket). Is this decision a no-brainer or is there something I'm missing?

Estate Matters Retirement Accounts Retirement Income Tax