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    k37814's Avatar
    k37814 Posts: 2, Reputation: 1
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    #1

    Jan 28, 2008, 06:08 AM
    Capital gains on inheritance
    In 2007 my husband inherited money from his late father's estate. It was not enough to have to pay the "InhertianceTax". Does he have to pay "Capital Gains" and how is the $ reported on his income tax?
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
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    #2

    Jan 28, 2008, 06:37 AM
    Hello k:

    Capital gains is when you bought something low and sold it high. The difference is your capital gain. When you inherit something, you have no capital gain since you didn't buy it in the first place.

    You may owe other tax on it, depending on lots of different things - but not capital gains.

    excon
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