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In California, age 66, soc security income $24k annual, sold…

In California, age 66...

In California, age 66, soc security income $24k annual, sold housed curious about Cap Gains Tax: Sold house for $500k, at time of death house value $500k, was in husbands name only at time of death, went iinto Trust for his Estate, will I pay much Cap Gains, thankyu

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Answered in 5 minutes by:
3/26/2018
Richard
Richard, Tax Attorney
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Good evening. There will be no capital gains. The basis of the property would have been adjusted automatically to its fair market value at the time of death. So, then when you sold it for that fair market value, there would be no gain ($500k less $500k = $0) and thus no capital gain tax.

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Customer reply replied 26 days ago
Thankyou!!!!!!!!!!! Much appreciate your help. Regards, Linda

You're very welcome! ! It's been my honor and privilege to help you with this. If I can help you in any way in the future, I'll be happy to help. For easy access, my bookmark is: www.justanswer.com/law/expert-legalbeacon/ . Or, simply request “Richard only” in the first line of your question.

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