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    h factor's Avatar
    h factor Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Apr 30, 2007, 08:20 PM
    capital gains
    my 2 brothers and I inherited a house in1994, valued at 240,000. One brother is buying us other 2 out. It is now valued at 310,000. How much , if any capital gains tax will I owe?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    May 1, 2007, 06:19 AM
    Three-way split. Aggregate capital gains is $70,000. Your share is about $23,000.

    The MOST you will pay is 15%, which would be $3,450. You may pay only 5% ($1,150). It depends on the level of your other income.
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