I inherited property in 2016 and sold the property in 2016. The property was assessed at $200,000 and sold for $130,000. My parents died in 1999 and the estate was settled in 2016. I had been paying property taxes since 1999. In 1999 the property was assessed at $100,000. Do I owe Capital Gains Tax?
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Yes you do... Sales price - (Inherited value + cost of sale) = profit/ long term cap gains. What it was appraised for at the time of sale is immaterial.
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