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In 2015 I inherited a house which I sold in 20108. Do I need to estimate the appreciation in value between those two dates and pay a capital gains tax?

 
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JulieR
Expert Alumni

In 2015 I inherited a house which I sold in 20108. Do I need to estimate the appreciation in value between those two dates and pay a capital gains tax?

You don't actually make an estimation of the property's appreciation.  Any gain on the property is calculated by subtracting your cost basis from the sales price, less any expenses of the sale. The cost basis of property you inherited would be the Fair Market Value (FMV) of the property at the date of the prior owner's death plus any capital improvements made to the property since you inherited it. You can usually get this from the Estate Attorney or Executor.  Another method to obtain this would be to contact a local realtor familiar with the values of property like this one. The county assessor is also a good resource for this information.  

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