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Old 10-19-2005, 06:55 PM
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Question

capitol gains tax on real property

The property is in California. I was in a partition action that settled when one of the parties died. The settlement was a trust deed in my name for an amount under 150,000 payable when the property was sold. This property was a residence I owned jointly but did not live in principally though it was occupied by one of the owners until recently. I want to know if I have to pay capitol gains tax or am I protected by the Taxpayer Relief Act of 1997?
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Old 10-19-2005, 10:15 PM
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Yes, you owe capital gains tax on the gain.

Snipes
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This post does not create an agreement to represent you before the IRS, nor does it invoke confidentiality regulations. Postings are based only on the information provided and you should consult a tax professional in your area before relying on information contained in this post.
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