(c) 2007 Newsday. Reprinted by Permission
ASK THE EXPERT
KAREN E. KLEIN
The problem: My parents jointly owned a $550,000, two-family home outright when my father died in December. Mom wants to sell, but an accountant told her since she didn’t sell by Dec, 31, 2006, she will owe taxes on my father’s share of the proceeds. True?
The expert: David J. DePinto, CPA and certified elder law attorney, DePinto Law Associates, Melville.