What is capital gains tax in 2010?

I inherited a house in 2008 rented it out 2009. If I sell it in 2010 will I owe capital gains tax?

  • Answer:

    My wife and I are in almost the exact same situation. She and my daughter inherited her parents' house in 08. Now we want to put it on the market but capital gains is a big question for our daughter.

Anonymous at Answerbag.com Visit the source

Was this solution helpful to you?

Other answers

You might! this house has been a rental and depreciation has been take which will need to be recaptured. Then what has the market done since you turned it into a rental: up or down. You need to see an Enrolled Agent who can help you with the 'numbers'!

Sherri

Related Q & A:

Just Added Q & A:

Find solution

For every problem there is a solution! Proved by Solucija.

  • Got an issue and looking for advice?

  • Ask Solucija to search every corner of the Web for help.

  • Get workable solutions and helpful tips in a moment.

Just ask Solucija about an issue you face and immediately get a list of ready solutions, answers and tips from other Internet users. We always provide the most suitable and complete answer to your question at the top, along with a few good alternatives below.