Capital Gains on Gifted Home

by J
(california)

My brother and I were gifted a home from our mom, we are going to sell it and buy rental property. In california how much would we pay in capital gains, how long after we sell to we need to buy property? Can my brother and I split the cost and each pay 1/2 of the capital gains? Thank you for your info...





Click here to post comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Income Tax Questions.


Please subscribe to my monthly newsletter, Bookkeeping Basics E-zine. It tells you each month about the new information that I have added, including some great tips and advice from myself and other Bookkeeping Basics readers.


Enter Your E-mail Address
Enter Your First Name (optional)
Then

Don't worry — your e-mail address is totally secure.
I promise to use it only to send you Bookkeeping Basics E-Zine.


Like Bookkeeping-Basics.net?