Posted on: 14th Feb, 2011 10:33 am
I was quit claim deeded a "Summer Home" from my Father and I sold it. Do I have to pay "Capital Gains"? How much? Any ideas will help.
Hi missyt!
Welcome to forums!
If you receive a profit from the sale of the property, then you'll be liable for paying capital gains taxes. The amount of tax will depend upon the amount of profit you gained from the property sale.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If you receive a profit from the sale of the property, then you'll be liable for paying capital gains taxes. The amount of tax will depend upon the amount of profit you gained from the property sale.
Feel free to ask if you've further queries.
Sussane