my 2 brothers and I inherited a house in1994, valued at 240,000. One brother is buying us other 2 out. It is now valued at 310,000. How much , if any capital gains tax will I owe?
AtlantaTaxExpert
May 1, 2007, 06:19 AM
Three-way split. Aggregate capital gains is $70,000. Your share is about $23,000.
The MOST you will pay is 15%, which would be $3,450. You may pay only 5% ($1,150). It depends on the level of your other income.