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posted Jun 4, 2019 7:59:11 PM

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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Intuit Alumni
Jun 4, 2019 7:59:12 PM

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.

1 Replies
Intuit Alumni
Jun 4, 2019 7:59:12 PM

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.