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    frank67's Avatar
    frank67 Posts: 2, Reputation: 1
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    #1

    Feb 4, 2006, 02:10 PM
    Do we have to pay taxes
    My wife inherited 25 % of some property from her mother when she passed away in 1997, the property was sold last year her share was 29,000 dollars, do we have to pay capital gain taxes on the amount,thank you frank67
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Feb 4, 2006, 11:35 PM
    Frank67:

    Maybe. It depends how much the property appreciated from 1997 to 2005.

    I cannot give you a more precise answer without knowing what the basis of the property was.
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