My father in law passed away in July and in his will left everything to his two sons, and named my husband as the executor (by the way, don't do that to your children, being the executor while you're grieving is a terrible burden). The biggest asset in the estate is his house and now 6 months later, it's finally in the process of being sold. The house was purchased in the 80's for $80K, it was worth about $485K at the time of his death and it is expected to be sold for about $500K. I assume there is going to be tax due on some capital gain, so here are my questions:
- What's the basis to calculate the capital gain?
- Who is responsible to pay the tax
The house is still part of the estate, which is still going through probate. The state in Washington if it makes any difference.
Thanks
- What's the basis to calculate the capital gain?
- Who is responsible to pay the tax
The house is still part of the estate, which is still going through probate. The state in Washington if it makes any difference.
Thanks
Statistics: Posted by narvika — Wed Feb 07, 2024 8:43 pm — Replies 6 — Views 381