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