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We became owners of an office building and home in 2001 when we paid off my father in laws past due taxes. Upon payment, the deeds were transferred into our name. The properties depreciated over the last 10 years because my father in law did not take care of them. We now wish to sell them and are trying to determine how capital gains taxes will be assessed. Please advise.

jerry · Posted: Thu Nov 19, 2009 2:47 am Post subject:

Hi JF,

I discussed this query at http://www.mortgagefit.com/budgeting-finance/capitalgains-taxes.html#1 34860.

However, if you have further queries, do not hesitate to ask.

Thanks,

Jerry

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Capital gains on property acquired through tax sale