Kasper1965 Posts: 1, Reputation: 1 New Member #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 Posts: 21,818, Reputation: 846 Senior Tax Expert #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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