ANSWERS: 1
  • When did you inherit the house? Did you have an appraisal done at the time of inheriting? Was this done thru a will/probate or a trust? If this all happened recently, then you may be able to sell without any capital gains, depending on your answers to the above questions. If thru a trust/will, etc., you would get an adjusted basis to the fair market value of the house. Assuming Mom/Dad bought the house 50 years ago and paid $6000; value at time of death $60,000, sell for $60K with NO capital gains. You probably should see an Enrolled Agent (look in the yellow pages) who can better advise you with some concrete numbers.

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