My grandfather passed away in 2011 and my father inherited his house. We are looking to sell the property now and are concerned with capital gains taxes. The property has a market value of around $350,000 to $375,000 in NY.
Things that someone might need to know:
- Grandfather was the last person to live in the house and nobody has occupied it since
- The house is solely in my father's name
- Father lost his job in 2012 and is currently unemployed
- Mother is working full time
- Mother and father are married
- Current household income is likely in the $60-70k range (including unemployment, though that is a guess)
- The house is in NY and so are we
Can anyone estimate what the capital gains taxes would be in our situation?