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Richard
Richard, Attorney
Category: Estate Law
Satisfied Customers: 54001
Experience:  29 years of experience practicing law, including tax and estate planning.
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My father died 4/30/2015 my mother died aug 2011, the house

Customer Question

my father died 4/30/2015 my mother died aug 2011, the house is going to be sold from an estate. how much are the capitol gains exemption.
Submitted: 1 year ago.
Category: Estate Law
Expert:  Richard replied 1 year ago.
Hi! My name is ***** ***** I look forward to helping you!
Can you provide me a bit more information? When your mother died, did your dad inherit her portion of the house such that your dad owned 100% of the house when he died? Thanks.
Customer: replied 1 year ago.
yes.
Customer: replied 1 year ago.
yes, opon my mothers death the house became my faters.
Expert:  Richard replied 1 year ago.
Thank you. In that case, there should be no capital gains on the sale of the property. Under Section 1014 of the Internal Revenue Code, the basis of the property is adjusted to the fair market value of the property as of the date of your dad's death. Thus, if you sell the property for that fair market value, there is then no gain on the sale and thus no capital gains.
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