https://ttlc.intuit.com/community/tax-credits-deductions/discussion/dad-died-1994-when-house-was-valued-at-214-000-6-siblings-sold-the-house-in-2019-for-600-000-and/01/828758#M104235 Mon, 15 Jul 2019 20:33:51 GMT salsapicopica 2019-07-15T20:33:51Z https://ttlc.intuit.com/community/tax-credits-deductions/discussion/dad-died-1994-when-house-was-valued-at-214-000-6-siblings-sold-the-house-in-2019-for-600-000-and/01/828758#M104235 Mon, 15 Jul 2019 20:33:51 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/dad-died-1994-when-house-was-valued-at-214-000-6-siblings-sold-the-house-in-2019-for-600-000-and/01/828758#M104235 salsapicopica 2019-07-15T20:33:51Z https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-dad-died-1994-when-house-was-valued-at-214-000-6-siblings-sold-the-house-in-2019-for-600-000-and/01/828787#M104236 <P>Did you inherit the house from your dad when he died? What is your filing status and if you itemize deductions, how much are the itemized deductions?</P> Mon, 15 Jul 2019 21:10:32 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-dad-died-1994-when-house-was-valued-at-214-000-6-siblings-sold-the-house-in-2019-for-600-000-and/01/828787#M104236 Texas Roger 2019-07-15T21:10:32Z https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-dad-died-1994-when-house-was-valued-at-214-000-6-siblings-sold-the-house-in-2019-for-600-000-and/01/828812#M104238 <P>assuming the 6 kids collectively inherited the home, the profit is $386,000 less closing costs and any improvements that occurred over time.&nbsp; Your share is approx $64,500. Further assuming it wasn't rented and depreciated, 15% capital gains tax is due for federal and state tax (depending on the rules for your state) .&nbsp; That is the simple case.. gets more complex if it was rented out and depreciated.&nbsp;</P><P>&nbsp;</P><P>&nbsp;</P> Mon, 15 Jul 2019 21:51:05 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-dad-died-1994-when-house-was-valued-at-214-000-6-siblings-sold-the-house-in-2019-for-600-000-and/01/828812#M104238 NCperson 2019-07-15T21:51:05Z https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-dad-died-1994-when-house-was-valued-at-214-000-6-siblings-sold-the-house-in-2019-for-600-000-and/01/829107#M104251 <P>If you file Married Filing Jointly, your taxable regular income would be your AGI (without capital gains) of $64,926 minus at least $24,000 of standard deduction leaving $40,926 or less of taxable income.&nbsp; You must add your capital gains to your other taxable income to determine the capital gains tax rate. The capital gains on the amount that brings the total up to $70,200 is taxed at 0% capital gains tax rate. That amount would be at least $36,274 ($70,200-$40926). The balance of the capital gain would be taxed at 15%. If the total capital gains were $64,500, then the balance would be $28,226 ($64,500-$36,274) taxed at 15%.&nbsp;</P> Tue, 16 Jul 2019 14:09:55 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-dad-died-1994-when-house-was-valued-at-214-000-6-siblings-sold-the-house-in-2019-for-600-000-and/01/829107#M104251 Texas Roger 2019-07-16T14:09:55Z