@redhottiescottie wrote:
My late husband purchased the home for $180,775.00. I'm not sure if that's what you're asking about. I know practically nothing about things like this.
"I practically know nothing about things like this."
That's why there are experts. A $500 consultation with a tax expert to help prepare your return, plus a $250 appraisal from a real estate professional, could save you $7500 in capital gains tax.
Based on the facts you know now, you will owe about $7500 in capital gains tax. If you see an expert, and document the fair market value of the home on the date your spouse died (which a real estate appraiser can do using historical records) you could possibly reduce your tax to zero.
We have already explained the procedure several times. If you haven't been able to understand what we've talked about so far, you have no hope of properly preparing a tax return on your own for this situation. The money you spend on experts will be well worth it in tax savings.
