real estate capital gains

[jcatman70]

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.

 

[tdavidl]

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.

 

[jcatman70]

thanx for your response. very well appreciated.