Capital Gains and Losses

Capital Gains and Losses

# My wife was on the house title with her mother she passed

Customer Question
away so we sold the...
my wife was on the house title with her mother she passed away so we sold the house gain was about 100k does she have to pay tax on that?
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Submitted: 5 months ago.Category: Capital Gains and Losses
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6/15/2017
Tax Expert: TaxRobin, Tax Preparer replied 5 months ago
TaxRobin, Tax Preparer
Category: Capital Gains and Losses
Satisfied Customers: 15,878
Experience: 15+ years in Tax preparartion as well as Instructor for tax law, theory, and application
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

Tax Expert: TaxRobin, Tax Preparer replied 5 months ago

Your wife inherited a portion of the property and she owned a portion so she has to do a little more calculating.
Half the house gets a step up in value to the date her mother passed away for her cost.
Then the other half is the half of original cost because she owned half before her mother passed.
Any real gain is taxable
Here is an example:
If the house had been purchased for \$50000 then she had cost of \$25000 and mother had \$25000.
When the mother passed away the house was valued at \$200,000. So your wife gets to claim half of that with her \$25000 and now has \$125,000 as her cost.
Let me know if you need me to explain further.
Any amount sold for over \$125,000 is taxable.

Tax Expert: TaxRobin, Tax Preparer replied 5 months ago

If you do not then a positive 5 star rating is appreciated.

Tax Expert: TaxRobin, Tax Preparer replied 5 months ago

Hello, I am checking back to see if you responded.

TaxRobin, Tax Preparer
Category: Capital Gains and Losses
Satisfied Customers: 15,878
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