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Author: Pahasapa Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121095  
Subject: Capital Gains Taxes Date: 3/8/1999 10:56 PM
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My mother deeded her house to her 5 children after my father died. She passed away now and we have sold the house. The house did not sell for the appraised value, which did not include the price of a new roof, steel siding and a new furnace. One brother-in-law says we don't have to pay capital gains and one says we do. I thought the reason it was done this way was so we wouldn't have to pay when she died. She lived in the house until she passed away. Are we going to have to pay? I've tried reading the IRS publications and can make no sense whatsoever out of them. Please help!
Thank you.
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