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Surviving spouse sells home, hits capital gains roadblock
Robert J. Bruss
September, 8
 DEAR BOB: I recently sold my house. My wife died three years
ago. Her name is still on the deed. How do I get her name off the title and
figure my capital gains tax on my income tax returns? --Harold McD.
DEAR HAROLD: Presuming you inherited your late wife's half
of the house, you have a new stepped-up basis as of the date of her death.
Purchase Bob Bruss reports online.
Depending on the details, you might owe little or no capital
gains tax. Please consult a local real estate attorney and tax adviser to sort
out the details.
(For more information on Bob Bruss publications, visit his
Real Estate Center). Copyright 2006 Inman News
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