My Dad died and left his house to me and my 2 sisters. We want to sell it. Will we need to pay capital gains tax?
We have already paid inheritance tax on the value of the house (under Pennsylvania law). No one has lived in house since he died (Mom preceded him in death). My CPA says "no," it's part of the inheritance (and we already paid inheritance tax on it), but lawyer says "yes," we will need to pay capital gains tax.