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Mom-in-law capital gains tax
My mother-in-law passed away last year, leaving an estate of approximately $150,000 (her home). Her will stipulated that her 8 kids share equally in its sale. The attorney is saying that there will be capital gains tax of 15% on the federal end ($22,500) and 10% on the California end ($15,000) will be due. With an estate of this (small) size, I thought there was no estate or inheritance taxes due. What would she (or her kids) be paying this capital gains taxes on?
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