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Question on land sale
My two sisters and own 5 acres of land with a 1980 double wide mobile home that is good condition considering its age. I have lived in this mobile home for three years. My mother deeded, actually, sold the three of us this land in 1993 for 10 dollars. She retained a life estate and lived here until her death in Feb 2010. We now want to sell this land. Since I have lived here for more than two years, I won't have to pay any tax on the sale. But what about my sisters? What taxes if any will they be required to pay on their share of the sale?
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