Hello atlanta tax expert, yesterday I asked a question about capital gain taxes and I didn't give all the figures, sorry about that, Maybeit will help with my new question, my wife inherited 25% of some property that her mother owned when she passed away in 1997 50% was owned by her aunt and 25% by her brother and 25% by my wife, in 1997 the house was on the tax rolls at 74,500 the property was sold in 2005 for 123,000 our share was 30,000, my question is if I gave you enough information how how much capital gains do we have to pay and on what amount. Thank you again frank67

123,000 - 74,500 = 48,500 x .25 = $12,125 <-- capital gains

I believe your capital gain are $12,125. Not sure about how you record it on tax purposes. In Canada, you only record 50% of your capital gains (so that is, you have to pay tax on 12,125/2 = 6,062.50)

CPT Forest's figures are accurate.

The MOST in tax will be 15%, and may be as little as 5%.