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rvj
Apr 14, 2007, 04:58 PM
are taxes due, such as captial gains taxes, on sale of inherited property?
ScottGem
Apr 14, 2007, 05:12 PM
yes. At the time of inheritance, a cost basis is set for the property. Any increase over that cost basis is income.
AtlantaTaxExpert
Apr 20, 2007, 10:09 AM
Scott has it right!