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amy12
New Member

Do I have to pay capital gains tax if the home sold for way less than the worth?

my father past away last May and I inherited his estate.  I sold the property this week for 50,000.  the worth was 125,000.  do I have to pay any taxes on this? 

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IreneS
Intuit Alumni

Do I have to pay capital gains tax if the home sold for way less than the worth?

I'm sorry for your loss.

Capital gain is the difference between the basis (the value of the house when you inherited it--last May) and the adjusted sales price (the sales price minus expenses).  From the information you included, it sounds like the house sold at a loss and there is no capital gains tax incurred.

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1 Reply
IreneS
Intuit Alumni

Do I have to pay capital gains tax if the home sold for way less than the worth?

I'm sorry for your loss.

Capital gain is the difference between the basis (the value of the house when you inherited it--last May) and the adjusted sales price (the sales price minus expenses).  From the information you included, it sounds like the house sold at a loss and there is no capital gains tax incurred.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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