Florida | Wills and Trusts
3/20/08, 12:53 pm
Legal Question
Inheriting home/selling home
I inherited my Mom's home 2006. At death it appraised $300,000 and It sold for $190,000 2007. Am I responsible for taxes on money received as a profit as Capital Gain? I spent $40,000 getting it in shape/taxes/all upkeep. Does this fall in the catagory of Estate and not capital gains?
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Read More Answered By: Scott R. Jay |
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