Capital gains tax from buy-out
Hi,
I would like to know how to calculate the capital gains taxes I will owe. I was recently bought out from a commercial property I was part owner of (50%). My father purchased the land in 1989 for $361,000 and in 1994 he quit claimed it to me and my two sisters, so I owned 1/3 of the property. In 2004, we bought out one of my sisters, so I then owned 1/2 of the property. In 2006, when I was bought out, the land was appraised at $980,000 (outstanding loan was $440,000) and I was bought out for $250,000.
Thank you in advance.