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| Re: If You Plan On Selling Your Home (913516) | |||
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Re: If You Plan On Selling Your Home |
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Posted by AlM on Mon Feb 27 10:10:41 2012, in response to Re: If You Plan On Selling Your Home, posted by GP38/R42 Chris on Mon Feb 27 10:04:29 2012. If you are widowed, the basis of your house is considered in 2 parts. Half of your house is considered as inherited, and that basis is the value when your husband died. Only half has its basis valued on when you purchased. Also, capital improvements are added to the basis. The most recent new roof can always be counted in, plus anything else like siding or driveway paving.So generally widows have to consider less than 50% of the gain in value since they purchased. Chances are there is no capital gains tax if the house was bought at 50K and sold at 550K. |
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