Do I Own Missouri Capital Gaines Tax?

[Soconfused121]

Sold house in 2003 for 45K; 7K more than Assessor appraised that yr. Orig owner died in 1990's; was relative. I never lived in this house. House passed through small estate. Was deeded to me via quitclaim by aires of decedent. State of MO now (after all these yrs) claims the 45K as taxable income. Aires of decendents also received various shares from the sale.

Do I owe capital gaines tax? If so, on what amount? I thought this was considered a gift. I would not had bothered with this otherwise, I was only trying to help relatives.What is the name of your state (Missouri)

 

[anteater]

Duplicate post

Duplicate. Asked and replied to in the Tax forum.

 

[Dandy Don]

Discuss this with a local CPA or tax accountant if you have further issues. They can help you figure out what the actual basis is on which the tax is based, and you don't want to get in trouble with the IRS if you have figured this incorrectly.