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rdburbank
New Member

If inlaws gave us a house in 2011 worth $49K they bought in 1985 fo $13K. I sold the house this year for $56K. Do I pay capital gain tax for the amount over $49K or $13K?

 
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MaryK1
Level 9

If inlaws gave us a house in 2011 worth $49K they bought in 1985 fo $13K. I sold the house this year for $56K. Do I pay capital gain tax for the amount over $49K or $13K?

You will have to use the $13K- Your basis for figuring a gain is the same as the donor's adjusted basis, plus or minus any required adjustments to basis while you held the property.


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MaryK1
Level 9

If inlaws gave us a house in 2011 worth $49K they bought in 1985 fo $13K. I sold the house this year for $56K. Do I pay capital gain tax for the amount over $49K or $13K?

You will have to use the $13K- Your basis for figuring a gain is the same as the donor's adjusted basis, plus or minus any required adjustments to basis while you held the property.


**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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