@PJhiker wrote:
.....we would be paying capital gains on %5,188.78 total and we would split that between us at $2,594.39 right? That does not include deductions like a $2,000 staging fee we would also split?
This is most likely much ado about nothing, really, since the amount is so minimal. You are looking at a long-term capital gain of $2,594 (long-term since the house was acquired from a decedent).
Long-term capital gains are taxed at a rate at 0%, 15%, or 20%, depending upon your taxable income and filing status. It appears as if you are in the lower range so your tax liability on this gain could very well be $0 (or extremely low).
You can use TaxCaster to get a rough estimate or plug the figures into TurboTax.
See https://turbotax.intuit.com/tax-tools/calculators/taxcaster
