Q: In phila, Pa I aquired my mothers house by survial and im on deed. If I sell the house what taxes do I pay and how much?

A: In Philadelphia, Pennsylvania, when you sell a house that you acquired through inheritance, you are potentially subject to capital gains tax. This tax is based on the difference between the selling price of the house and its value at the time you inherited it (known as the 'stepped-up basis'). If the house has increased in value since you inherited it, you may owe capital gains tax on the profit.

The specific amount of tax you'll owe depends on the sale price, the inherited value, and any improvements you've made to the property. The federal capital gains tax rate varies based on your income, but it's typically 0%, 15%, or 20%. Pennsylvania also has a state income tax, which applies to capital gains.

It's also important to consider any exclusions that might apply. For example, if you've used the house as your primary residence for at least two of the last five years, you may qualify for an exclusion of up to $250,000 (or $500,000 for married couples) on capital gains.

Given the complexity of tax laws and the potential for significant financial impact, it's advisable to consult with a tax professional or an attorney knowledgeable in real estate and tax law. They can provide a more precise calculation based on your specific circumstances and help you understand all your tax obligations related to the sale. Remember, thorough planning and professional advice can help you navigate these matters effectively.