Dad selling home what is his capitol gain responsiblity
Dad is 93 and is now living in an assistant living home. We want to sell his house - He paid $50,000 and selling for $700,000. My mother passed away 4 years ago. A CPA told me that he would not have to pay any capital gains tax. Is that correct? From what I read after $250,000 he has to pay on the balance to the state and federal govt. Also they stated that since my mother has not be dead for 5 years she will also get to take a deduction. I live in California so does the state also get their share. Thank you Patrice Alexander
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