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My Mom and Dad have both passed away and left the house to

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6 siblings. It was stated...
My Mom and Dad have both passed away and left the house to 6 siblings. It was stated in there Will to sell the house and split any profits 6 ways. Do we have to pay capital gains tax on the money we receive from the sale of the house? It was part of our inheritance stated in there Will.
Submitted: 8 years ago.Category: Tax
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Answered in 16 minutes by:
6/2/2009
Tax Professional: Marvin,EA, Enrolled Agent replied 8 years ago
Marvin,EA
Marvin,EA, Enrolled Agent
Category: Tax
Satisfied Customers: 1,672
Experience: Enrolled to Represent Taxpayers Before The IRS
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Hello and thanks you for using Just Answer. Sorry for your loss. The basis of property acquired from a decedent is generally the fair market value on the date of the decedent's death. If the home is sold for more than the value of the property at the date of your parents death the gain is taxed as long-term capital gain.

 

Example: If you parents home was worth $100,000 when they passed and you sold the home for $110,000 you must report a long-capital gain in the amount of $10,000.

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Customer reply replied 8 years ago
If the house was sold for less than the apraisal which was done when my Mom passed away will we still have to claim a long-term capital gain tax?
Tax Professional: Marvin,EA, Enrolled Agent replied 8 years ago
If the house is sold for less than the appraisal value at the time of your parents death there is no gain on the sale and no long-term capital gain is due.
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Marvin,EA
Marvin,EA
Marvin,EA, Enrolled Agent
Category: Tax
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