Money Tax question: Selling a house

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Tax question: Selling a house

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05-19-2009, 09:42 PM

#14

Swanman

It's a league game, Dude

Join Date: Jun 2003

Location: Itasca, IL

Casino cash: $9967354

Quote:

Originally Posted by Brock

So you're saying there will be no capital gains tax on the sale of the house? Gross sale proceeds minus market value on day of death?

I am a CPA, but don't do my own taxes, so take that fwiw. Even if there is a gain with the stepped up basis, there are exemptions in place for gains less than a certain amount (I believe in the hundreds of thousands). The only way you don't have an exemption is if you sell x number of houses in a given period.

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Swanman 's adopt a chief was Sabby Piscitelli

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