My sibling and I inherited mom's $135,000 New Orleans house (2004 purchase) when she died in 2005. Succession documents valued Katrina-damaged house at $30,000 in 2006. Just sold in 2007 for $62,500. What are the capital gains?
Tracy L. Coenen is WalletPop's Tax Expert and Fraud Expert
To figure the capital gains on the house, you need to know its market value on the date of death. You may also have to figure in any insurance money you received on the house. Get those documents together and see a tax professional to help you.
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