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

[amy12]

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? 

[IreneS · Accepted solution]

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.