Ask Experts Questions for FREE Help !
Ask
    gtd's Avatar
    gtd Posts: 1, Reputation: 1
    New Member
     
    #1

    Jan 24, 2006, 03:57 PM
    Capital Gain Tax
    Hello all, I am new to this forum and have a question about Capital gain tax

    I inherited a comercial property from my father in 1998. At the time of probate the property was valued at $150,000.00 I Have just accepted an offer to sell for $110,000.00 Do I owe Capital Gain Taxes?
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
    Ultra Member
     
    #2

    Jan 24, 2006, 09:03 PM
    How much did your father PAY for the property when he bought it?

    I believe that is the number you use to determine whether you pay capital gains tax on it.

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

I need my dog to gain weight [ 14 Answers ]

Hello I was just wondering I have a dog is an american pitbull terrier but he doesn't gain weight I already used redcell to see if that would help but it doesn't I mean he does gain weight but his body doesn't change he looks the same but heavier so I would like to know if any one knows how to make...

Muscle Gain [ 15 Answers ]

Hi, I'm 16yrs old, 113 lbs, and 5'2, I lift weights and I have not seen any real significant results and I have been doing it for about 4 months now, I am changing my diet, but what types of meals should you eat? Also I want to get rid of love handles and also build up my biceps, etc.

Weight gain [ 2 Answers ]

I am 22, height 155cm.50kg. I want to have expanded bones and more weight so that I will be looking like the person of correct age. Now I am looking like 15year boy. This makes me depression. Kindly give the suggestions and advice.

Capital gain taxes [ 2 Answers ]

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...


View more questions Search