by Gemini 51 on August 29th, 2007

Gemini 51

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How much capital gain tax would my mother would pay if she sold the house now? House was bought in 1964/65 for $30-35,000; house isworth $650,000, my father passed away last week.

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Answers. 2 helpful answers below.

  • by SarahK on September 19th, 2007

    SarahK

    I'm sorry to hear about the passing of your father. I think you'll have more capital gains than that. Your mother could call the IRS and get an answer. They're actually very helpful, though you may be on hold for a while.

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  • by allikatzpop on September 19th, 2007

    allikatzpop

    was the house in both of your parents names?there is a gain of $615k.im not sure of the exemption but i think its $500k,therefore only $115k would be taxed.check with your cpa ortax attorney to be sure...

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