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My husband and I have a 2 family home in Bayonne, NJ which belonged to his grandmother. She lived in one of the units and we lived in the other. His grandmother became ill and our attorney advised us to transfer the deed to her home into our names. In the event she would pass away, my husband would have inherited the property anyway. She signed over the house to us in June, 2010. She passed away in July, 2010. We decided to rent both units and we purchase a one family home in Middletown, NJ. After having the 2 family home for over a year we have decided we need to sell it because we have had bad luck with tenants who do not want to pay rent and my husband lost his job.
Since we did not pay for the house we would like to know how we would figure out he capital gain on this property.
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