 |
|
| Browse | Ask | Answer | Search | Join/Login |
|
|
||||
|
Probably not.
The basis of the house is "stepped up" to FMV as a matter of law. I doubt that the house increased in value enough in six months to generate any capital gains, especially when you add the cost of the sale to the basis. You WILL have to report the sale on your tax return, but I doubt that any capital gains tax will be due. |
||||
| Question Tools | Search this Question |
Add your answer here.
Check out some similar questions!
My mother passed in May leaving my brother and I both executors and beneficiaries of her estate. It turns out, without either of our knowledge, she changed her deed to make herself, myself, and my brother "joint tenants with survivorship" This transfer was made in March 2003 and she passed in May...
When daughter inherits home from parent and moves into the home, is there an adjustment to the property tax base in California? Currently taxes are extremely low but house has increased in value since purchase 40 years ago. House is held by trust.
Sir, we are three brothers, my father has inherited the property frm my grandpa.My father has not done the registry of the land .Now I want to know that when we three brothers will inherit the property from him,will it be necessary get the registration done of the land which will be given to me,...
My brothers and I (4 of us) each inherited equal portions of my mother's house when she died. We sold the house shortly after the estate was settled and each of us received ~ 18,000 (there was no mortgage). Now, I am aware that any gain is taxed as long term no matter how long we owned it, since it...
View more questions Search
|
