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

    Feb 5, 2006, 02:57 PM
    Capital gain taxes
    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 her brother and 25% by my wife, in 1997 the house was on the tax rolls at 74,500 the property was sold in 2005 for 123,000 our share was 30,000, my question is if I gave you enough information how how much capital gains do we have to pay and on what amount. Thank you again frank67
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
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    #2

    Feb 5, 2006, 03:04 PM
    123,000 - 74,500 = 48,500 x .25 = $12,125 <-- capital gains

    I believe your capital gain are $12,125. Not sure about how you record it on tax purposes. In Canada, you only record 50% of your capital gains (so that is, you have to pay tax on 12,125/2 = 6,062.50)
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #3

    Feb 5, 2006, 07:47 PM
    CPT Forest's figures are accurate.

    The MOST in tax will be 15%, and may be as little as 5%.
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