James W. asked
My mother had a trust. She died in 2013, and the home was sold in 2023 for $112K, which is far less than the normal sales price due to deterioration. The home is an inheritance to the last living children. How do I calculate any capital gains taxes owed to the IRS that include the step-up reduction? I had to pay several charges for the sale, including a roof repair of $8000 and minor fees to the town to sell the house.
August 31st, 2023
Megan L. answered
To calculate the capital gains tax, you need to determine the capital gain, which is the difference ...
August 31st, 2023
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