What is the name of your state?Fl Sold my dad's house in probate. He bought 50ys ago $16,000. Sold for $295,000. When he passed, houses were selling for $170,00.00. From what I have read-we place the value for the house at the value on death-$170,000. This would mean a capital gain of $125,000. I think I read that if it is not over 250,000, we don't owe any capital gains tax. Does anyone know if I am correct? I have withheld $2000 from each of the heirs, myself included & they know about it, until I know for sure we don't owe the IRS any money. Would like to be completely done with this stuff