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-   -   Sold home in CA 2012 $500,000 received through inheritance what taxes are due? (https://www.askmehelpdesk.com/showthread.php?t=736175)

  • Feb 25, 2013, 03:38 PM
    Kasper1965
    Sold home in CA 2012 $500,000 received through inheritance what taxes are due?
    Inherited home in California and sold it in 2012 for $500,000. What taxes are due if I lived in it for three years?
  • Feb 25, 2013, 07:12 PM
    AtlantaTaxExpert
    If you are filing jointly with your spouse, for sure NO taxes are due.

    If you are single, then I would need to know what it was valued at when the person who willed it to you died. More than likely, your total gain is NOT more than $250K, in which case there is also no tax due.

    Under the above circumstances, you do not even have to report the sale on your tax return.

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