Legal Question in Real Estate Law in Virginia

I am considering selling my home that was transferred to me after my mothers death in February, 2002. The home has been my main residence for many years while my mother was living and after her death. The fair market value in 2002 was $51,500.00. I am thinking about selling for $65,000.00. Do I have to pay any taxes on the sale of the house


Asked on 9/23/11, 8:57 am

1 Answer from Attorneys
Michael Hendrickson Law Office Michael E. Hendrickson

Hard to say for certain on these few facts, but your capital gains tax liability would likely be marginal at most(depending upon actual sale price), assuming you got a stepped up basis by receiving the property through inheritance rather than by deed of gift.

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Answered on 9/26/11, 8:54 am


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