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Estate Issue:
Sent to Tax Experts September 15 09:56 PM

Mother left to each of us four siblings her house in Will.   We have now put the home on the market to sell and is being listed at $279,900.00.   I understand we each will share in the capital gains tax which I have been told will be 20% for Federal and another 5% for the state of Rhode Island. Is that information correct? Do we pay these taxes at time of settlement?   Thank you for any information you can give us to shed light on this matter.   Regards, Linda

 

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E. GREENWICH, Rhode Island

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September 15 9:58 PM (1 minute and 17 seconds later)
         
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When did your mother died?

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LEV -- Tax Preparer -- 99% Positive Feedback on 4562 Tax Accepts
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September 15 9:59 PM (1 minute and 13 seconds later)
         
Reply to Lev's Post: She passed away on July 11, 2006.
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September 15 10:07 PM (8 minutes and 1 second later)
         
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LEV -- Tax Preparer -- 99% Positive Feedback on 4562 Tax Accepts
Taxes, Immigration, Labor law
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