topic My mother passed and we're selling her house. It is a 3 apartment building and was owner 100% occupied for over 30 years. What is the capital gains on the sale amount? in Deductions & credits

My mother passed and we're selling her house. It is a 3 apartment building and was owner 100% occupied for over 30 years. What is the capital gains on the sale amount?

nvigtr48 — Tue, 10 Mar 2026 06:41:16 GMT

Or where can I read up on how to determine the capital gains exposure?

Re: My mother passed and we're selling her house. It is a 3 apartment building and was owner 100% occupied for over 30 years. What is the capital gains on the sale amount?

Anonymous_ — Tue, 29 Nov 2022 00:22:20 GMT

I am very sorry for your loss.

Any gain would be measured by subtracting the adjusted basis from the sales price (less selling expenses) and that basis would most likely be the fair market value on the date of your mother's passing.

Re: My mother passed and we're selling her house. It is a 3 apartment building and was owner 100% occupied for over 30 years. What is the capital gains on the sale amount?

Hal_Al — Tue, 29 Nov 2022 13:34:35 GMT

The cost basis of inherited property "steps up" to the fair market value on the date of death. So, you most likely will have no capital gains to report when you sell the property. In fact, most people have a capital loss to report, considering the expenses of sale.

You may not deduct a loss on the sale of personal use property. The "personal use" would be based on how you used the property, after inheriting it. If it sat vacant, the property would be considered investment property and the loss deductible.