How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Richard Your Own Question
Richard, Attorney
Category: Estate Law
Satisfied Customers: 55594
Experience:  29 years of experience practicing law, including tax and estate planning.
Type Your Estate Law Question Here...
Richard is online now
A new question is answered every 9 seconds

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: 2 years ago.
Category: Estate Law
Expert:  Richard replied 2 years 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 2 years ago.
Customer: replied 2 years ago.
yes, opon my mothers death the house became my faters.
Expert:  Richard replied 2 years 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.
Thank you so much for allowing me to help you with your questions. I have done my best to provide information which fully addresses your question. If you have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as OK, Good or Excellent (hopefully Good or Excellent). I thank you in advance for taking the time to provide me a positive rating!