Google Answers: taxes - federal and New York State

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Q: taxes - federal and New York State ( No Answer, 0 Comments )

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Subject: taxes - federal and New York State
Category: Business and Money > Finance
Asked by: maureen44-ga
List Price: $20.00

Posted: 31 Mar 2005 17:21 PST
Expires: 01 Apr 2005 13:13 PST
Question ID: 503411

A couple buys a house in 1975 for $75,000.  The house is in NYS and is
their primary residence.  In 2000, the husband signs his share of the
house over to his wife.  The husband dies in 2001.  In 2005, the wife
now wants to sell the house and has a selling price of $1.7 million. 
The wife will now buy another house for her primary residence at
approx. $700,000.  How is the capital gains determined?  What amount
will she be paying capital gains on - the federal tax and the NYS tax?

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