Home Selling in 63021>Question Details

Tracy, Home Seller in 63021

If I inherited property from my father 25 years ago and sell it this year, how do I determine what my basis was back in 1987?

Asked by Tracy, 63021 Thu Feb 2, 2012

I am trying to determine if I would have any capital gains or not.

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Dale Weir, Broker-Salesperson’s answer
http://www.irs.gov/publications/p523/index.html will give you a lot of information on capital gains

of most interest to you, however will be this section:
Maximum Exclusion

You can exclude up to $250,000 of the gain (other than gain allocated to periods of nonqualified use) on the sale of your main home if all of the following are true.

You meet the ownership test.

You meet the use test.

During the 2-year period ending on the date of the sale, you did not exclude gain from the sale of another home.

For details on gain allocated to periods of nonqualified use, see Nonqualified Use , later.

If you and another person owned the home jointly but file separate returns, each of you can exclude up to $250,000 of gain from the sale of your interest in the home if each of you meets the three conditions just listed.

You may be able to exclude up to $500,000 of the gain (other than gain allocated to periods of nonqualified use) on the sale of your main home if you are married and file a joint return and meet the requirements listed in the discussion of the special rules for joint returns, later, under Married Persons .

While the MLS records are not electronic for that time period, there are some ways we can use to determine the value. Please let me know if I can be of any further assistance.
Web Reference: http://www.yourstlhome.com
0 votes Thank Flag Link Thu Feb 2, 2012
Tracy we do not have any records in the MLS system that will go back that far but I could research it in the tax records for you. I am not sure if this will have anything to do with your capital gains. Is this your primary residence? Call me at 314-581-2260 and I will see what I can find for you.
Here is a link that may help you know if it will even apply to this property.
http://www.ehow.com/facts_6017430_capital-gains-tax-real-est…

Bill Oesterle
RE/MAX Gold
0 votes Thank Flag Link Thu Feb 2, 2012
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