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You likely will have very little, if any, tax. The reason is that the original cost of the house is not relevant. Rather, when your mom died, the basis of the house would have been increased to its fair market value. Thus, when you sell it, if you sell it at that increased basis, there is no gain, and thus no tax. Only if the if the property
sells for a price (less closing costs) in excess of the newly-stepped up basis, would there be any gain. In that case, it would be long term capital
gain, and only on the sales
price (less closing costs) in excess of the increased basis amount.
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