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Question about Capital Gains: My husband passed away in

Sent to Tax Experts September 10 08:27 AM

Question about Capital Gains: My husband passed away in 2004. I know that the basis for calculating capital gains is the value of my home at the time he died. I have a list of comps from my realtor showing my exact model home selling for $640,000 in May 2004. Does the IRS need documentation of the value of my home at that time, and if so, is the list of comps adequate? I sold my home in June of this year for $680,000. I don't believe that I will owe capital gains. My home was in California and I lived there for 39 years. I now live in Idaho.

 

Customer (name blocked for privacy)
Status:  Closed   Value: $15
Answer
September 10 8:36 AM (9 minutes and 10 seconds later)
         
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The comps will be sufficient for you. You should make sure that you keep them with all of your other tax information so that, if a question ever arises, you have the documentation.

jon@jonacpa.com



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