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    smeador's Avatar
    smeador Posts: 1, Reputation: 1
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    #1

    Apr 4, 2007, 10:03 AM
    Capital asset tax
    I inherited a home in 1991 from my mom worth $65000. I sold it in 2006 for $50,000 less sales cost. What do I have to report as gain and which form.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Apr 13, 2007, 12:32 PM
    Did you live in the home? If so, you have NO reporting requirements.

    If not, then you may be able to claim the loss.
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