My Husband inherited his fathers property in Aug 2009 unfortunatly My Husband Died in Jan 2010 we sold now pro?



My husband died in 2010 jan we sold property in April 2010 . What Is the Capital Gain On Inherited Property???

My Husband inherited his fathers property in Aug 2009 unfortunatly My Husband Died in Jan 2010 we sold now pro?
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2 Replies to “My Husband inherited his fathers property in Aug 2009 unfortunatly My Husband Died in Jan 2010 we sold now pro?”

  1. It depends on what type of property. If it’s not income-producing real estate, your basis is the value of the property at your husband’s date of death. The difference between the net selling price and the basis is a capital gain subject to tax. In this case, it is short-term so it will be taxed at your marginal rate..


  2. Computation of Long-term Capital Gain:

    1. Take the full value of consideration (full sale price without any deductions),

    2. Deduct
    •Expenses incurred for the transfer,
    •Indexed cost of acquisition, and
    •Indexed cost of improvement.

    3. Deduct exemptions under sections 54, 54B, 54D, 54EC, 54ED, 54F and 54G, if any.

    Cost of acquisition is the purchase price of your father-in-law.

    HMT





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