capital gains

[rose45]

Please tell me how much capital gains i will have to pay.
I inherited 1/7th of this house. So i should not have to pay taxes on 1/7th. That is what i have been told.
Then i bought my siblings out for 54,26.00 in 1995.
I have had it as a rental in Ca.
Now its in escrow Sale price is 235,000.
With all expenses so far going out My net will be 181,760.83 from the title company.

Please how much capital gains will i have to pay.

Thank you

[vicars]

With taper relief over 10 years giving you a 40% allowance against the tax you should have to pay �43,622 roughly. This is based on your CGT personal allowance and the 40% relief as above. Hope I am right - if I am wrong then this is the best figure, i.e. you will have to pay more.