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Help...

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missyt3 Joined: 14 Feb 2011 Posts: 1 1.25 Dollars($)	Posted: Mon Feb 14, 2011 11:33 am    Post subject: Help... Like 0 Dislike 0 I was quit claim deeded a "Summer Home" from my Father and I sold it. Do I have to pay "Capital Gains"? How much? Any ideas will help.
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Mon Feb 14, 2011 8:51 pm    Post subject: Like 0 Dislike 0 Hi missyt! Welcome to forums! If you receive a profit from the sale of the property, then you'll be liable for paying capital gains taxes. The amount of tax will depend upon the amount of profit you gained from the property sale. Feel free to ask if you've further queries. Sussane

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