Question
Capital Gains
Client along w two other siblings rec'd their dad's house in an inheritance threes ago after his passing. FMV of the house was $300K when they took possession 3 yrs. ago.
They recently sold the house for approximately $25k profit each after selling expenses. Do they have to pay capital gains on their portion and gain, or is it exempt as part of the inheritance? I have rec'd conflicting advise from other sources??? Help.
