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    shashank palkar's Avatar
    shashank palkar Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jun 24, 2012, 04:51 AM
    Income tax parental sale of home
    My father expired in 1983 and mother in 1996. Parental Property sold in 2012. Amount shared among 3 brothers and 2 sisters. Please advice us on amount tax liable or not
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Jun 24, 2012, 10:07 AM
    The BASIS for the property to determine the capital gain is the value on the date of death of the parent in whose name the property was in. Hence, if you and your siblings received the property in 1983, then that value applies. Same for 1996.

    If the value is GREATER than what you got in the sale, the loss is NOT deductible. The you did have a gain, it will be taxed at capital gain rates, no more than 15%.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #3

    Jun 24, 2012, 10:10 AM
    ANY question on law needs to include your general locale as laws vary by area.
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