I inherited my home in November 2008 from probate It was?
by admin ~ September 22nd, 2009 . Filed under: Other - Taxes .
Lynn H asked:
a parent child tranfser do I have to stay in it for 2 out of 5 not to pay Capitol Gains or any taxes. The house at the time of death was worth apx 275,000 they housing Market went down as we all know and now the house is worth 249,000 so there would not be a gain. I want to SELL it and get something better. Any Answers???
Prince Satoe
a parent child tranfser do I have to stay in it for 2 out of 5 not to pay Capitol Gains or any taxes. The house at the time of death was worth apx 275,000 they housing Market went down as we all know and now the house is worth 249,000 so there would not be a gain. I want to SELL it and get something better. Any Answers???
Prince Satoe
September 25th, 2009 at 3:21 am
The value was at 249000 no gainno loss.
September 25th, 2009 at 11:04 pm
If you won’t have a gain, and it sounds like you won’t, there’s no need to live there 2 years since there won’t be a capital gains tax
September 29th, 2009 at 8:40 am
The house for less than 275k then there would not be no capital gains tax owed.
The house for less than 275k then there would be any capital gain so therefore there would be any capital gain so therefore there would be any capital gains tax owed.