Legal Question in Tax Law in California

Taxes on Capital Gaines on Probate Sale

My cousin left my sister and I (in her will) her house in San Francisco, when she passed away. The probate referee appraised the house at $490,000. However, we sold the house for $579,000. Do we have to pay taxes on the profit? If so, do we pay both state tax and federal tax? Thank you.


Asked on 6/01/02, 7:15 pm

1 Answer from Attorneys
Ken Koenen Koenen & Tokunaga, P.C.

Re: Taxes on Capital Gaines on Probate Sale

This question should be directed to the attorney handling the probate.

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Answered on 6/03/02, 1:42 pm


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