In most cases you will have to pay CG tax. Since you owned the house for less than two years, it won't qualify for the full primary residence exception. But if you lived there in addition to owning it and then moved for a reason beyond your contol, you may be eligible for a reduced exclusion. See "Reduced Maximum Exclusion" on page 14 of Publication 523. http://www.irs.gov/pub/irs-pdf/p523.pdf By the way, in order to accurately calculate your tax and avoid overpaying taxes, you'll need to know your mother's basis (how much she paid for the house and adjustments to basis while she owned it) and the Fair Market Value of the house on the gift date. Your mother should have filed a gift tax return with the FMV on it. If she didn't give you her purchase and other ownership records (including depreciation claimed on tax returns if this was a rental or she took the home office deduction), you'll need to get those from her before they are lost.
Do you have to pay taxes on deceased mother's house when it sells
Yes it is always possible that may be required to pay some capital gains tax on the sale of your first house.
Yes this is possible.
A seller who sells a house in which he has lived in for two of the last five years will have to pay about $5000 in form of capital gains.
No. And if neither house is your main home (primary residence) you will have to report the sale of both houses on your income tax return and be subject to income taxes on the sale of the capital gains on both houses.
Do you have to pay taxes on deceased mother's house when it sells
Yes it is always possible that may be required to pay some capital gains tax on the sale of your first house.
What if there was a will and the house was deeded to the wife what about the contents of the house?
Yes this could be possible.
Yes this is possible.
A seller who sells a house in which he has lived in for two of the last five years will have to pay about $5000 in form of capital gains.
The right to complain to your father.
The owner of a deeded home can get the home back if the home is in his or her name. The taxes must be paid on a deeded home in order for it be a clear deed.
Revenue is income from labor, services, etc. Usually it is taxed at the highest rate. Capital gains is income from buying a stock or a house at one price and selling it at a profit. Usually it is taxed at a lower rate due to the fact that some of the capital gain is due to the government printing money or expanding the money supply. In other words, you by a house and sell a house for more, but you really just have enough money to buy another house, that is more money but not more purchasing power. Where it gets tricky is in hedge funds where the manager is paid a management fee out of capital gains. It has similarities to revenue, but is taxed at the lower capital gains rate.
If left a house in a will in New York State, do I pay capital gains? Keith Hudak
Not simply by not living there.
No. And if neither house is your main home (primary residence) you will have to report the sale of both houses on your income tax return and be subject to income taxes on the sale of the capital gains on both houses.