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Business for Friday, June 12, 2009

No capital gains tax will have to be paid

Dear Len & Rosie, Mother passed away two months ago. We just found the deed to the house. All five names were on the deed — mom and the four kids. When we sell the house do we have to pay capital gains tax? If so how much? - Judy

Brother seems to have exceeded his authority

Dear Len & Rosie, After my father’s death, my mother gave my brother, Stephen, a durable power of attorney. Mom was never all that good with finances, and all of us agreed that it would be better for Stephen to take care of things in case anything bad happened to her.

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