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Tax on sale of inherited house
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My mother died last year and she left me her house which was under a reverse Mortgage. I plan to sell the house, pay off the reverse mortgage and keep the remaining Profit. What percentage capital gains would be applied to the profit from the house Sale?
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My father purchased land in 1950, built on the property where he and his wife (my mother) lived until his death in 1979 at which time my mother assumed the full deed. Over several years during the late 1980's, my mother gifted undivided parcels of all the land to her 5 children. We five now are in...
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Expounding on question/answer "We inherited 1/2 interest in my husband's family home when his mother died in 1990. He sold his interest in the house to his nephew in 2007. Do we have to pay taxes on the sale?" "Yes - assuming that the amount he sold it for is more than his cost basis he would have...
Taxes on sale of inherited house
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We inherited 1/2 interest in my husband's family home when his mother died in 1990. He sold his interest in the house to his nephew in 2007. Do we have to pay taxes on the sale? View more questions Search
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