I have a home that my wife and I inherited from her father in 2011. Her father purchased it in 1993 for $100k. In 2010, her father upon the death of her mother, removed her mother and added my wife to the deed. We have rented the property, along with two other properties since he passed away. We have filed form 4562 for this property over the years. For 2023, the entry on line 19b of form 4562 shows: 8600, 5, HY, 200 DB.
We now want to sell the property at a considerably high price, approximately $450k. How do I calculate and pay the capital gains to the IRS and the state of California?
