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Capital Gains tax on a property received under a quick claim

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Sonny Guest	Posted: Fri Apr 01, 2011 7:43 am    Post subject: Capital Gains tax on a property received under a quick claim Like 0 Dislike 0 Hi. Back in 2006 my wife received her mothers property in a quick claim deed transaction. We have been paying all expenses for the house since then. We are about to sell the property now. Is the value of the house determined as of the date of the quick claim deed for determining what the capital gains are for us to pay tax on??
jameshogg Joined: 20 Dec 2005 Posts: 10460 Location: Nevada 987.57 Dollars($)	Posted: Sun Apr 03, 2011 10:43 pm    Post subject: Like 0 Dislike 0 Hi Sonny, As the property will be sold off now, the capital gains taxes will depend upon the value of the property now. Thanks

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