Capital gains tax

PrincessTina · ‎November 16, 2022

I want to know how much capital gains tax is due if, i.e., sold property for $1,060,000 and at time of owner’s death the house was appraised at $700,000. Two estates will need to file federal taxes.

Kelly Thomas C · ‎November 16, 2022

I hate to disappoint you, but this question requires a few more additional facts to consider. It appears the gain is around $360.000. And is that gain recognized by two different entities? So $180,000 each. That would be one simple question.

I will provide you this link to help you get some background on capital gains tax rates in the US. But I suspect you might already know this. That's the best I can do with the limited facts in front of me.

Good luck

Kelly C

CPA

https://turbotax.intuit.com/tax-tips/investments-and-taxes/guide-to-short-term-vs-long-term-capital-...

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