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Old 06-15-2005, 09:01 PM
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Join Date: Jun 2005
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real estate capital gains

What is the name of your state? california


hi, my name is joe. my question is regarding capital gains. my brother and i inherited a house 4 months ago,which is worth 355,000. i would like to know
how much capital gains tax we have to pay to the state, and if already owning a home would make a difference in how much capital gains i would have to pay.
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Old 06-16-2005, 01:39 PM
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Join Date: Mar 2005
Location: Maryland
Posts: 101
generally the recipients basis in inherited property is it's value at the date of death, therefore, i suspect your tax basis is real close to the value you mention, so little to no gains are possible.
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Old 06-16-2005, 06:46 PM
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thanx for your response. very well appreciated.
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