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?
ANSWERS: 1
Sort by: Highest Rated
-
Capital gains are paid on the difference between the value of the home when you inherited it and the sales price. -
No comments
RELATED QUESTIONS
RELATED TOPICS
ABOUT ANSWERBAG
Answerbag wants to provide a service to people looking for answers and a good conversation. Ask away and we will do our best to answer or find someone who can.We try to vet our answers to get you the most acurate answers.
Copyright 2023, Wired Ivy, LLC

by