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    Kasper1965's Avatar
    Kasper1965 Posts: 1, Reputation: 1
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    #1

    Feb 25, 2013, 03:38 PM
    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?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,818, Reputation: 846
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    #2

    Feb 25, 2013, 07:12 PM
    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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