My question involves estate proceedings in the state of: Florida
My grandmother gave my mom a warranty deed with a life estate to my grandmother. I've read about life estates and about warranty deeds, but I can't find out what taxes are involved when the warranty deed says "with life estate". For the sum of $10.00 it says the land was conveyed to my mom. The deed was made in 1997 but my mom did not record it until my grandma died in 2007. She is now intending to sell the house (she doesn't live there) and she isn't sure whether she will have to pay capital gains or not. If she does have to pay capital gains, what is her basis?