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Inherited The House |
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Dear Edith: I just sold a house for $150,000 that I had inherited. The house was appraised for $145,000 for the estate. It is assessed for $165,000 by the town. What value do I go by when figuring if I owe capital gains tax? |
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You owe tax (at favorable long-term rates) only on any increase in value after you inherited the place. Sounds like that's $5,000. The tax assessment figure doesn't enter into it. When calculating your gain, you can subtract any real estate commissions, as well as legal costs of the sal. |
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Edith
Originally published on May 15, 2005 |
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