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    billupst's Avatar
    billupst Posts: 1, Reputation: 1
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    #1

    Jul 15, 2007, 06:36 PM
    Inherited Tax on Property left by my Father
    I am in the process of selling my home that I inherited from my father. The sale proce is 300,000. Do I have to pay any taxes for my property. The property in located in Las Vegas, NV.

    Tracy
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
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    #2

    Jul 16, 2007, 10:55 AM
    Hello Tracy:

    If the house is worth more than it was when you inherited it, I'll bet you do. To make certain, however, I would visit a CPA.

    excon
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #3

    Jul 16, 2007, 10:57 AM
    Your tax basis is the apparaised value at the time your father died. If it was less than 300K, then there is tax due.
    s_cianci's Avatar
    s_cianci Posts: 5,472, Reputation: 760
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    #4

    Jul 16, 2007, 03:31 PM
    You may have to pay an inheritance tax. Also I would think that you'd have to pay a pro-rated tax for the property covering the period from when it officially became your property until the time of sale. Lastly there's the issue of capital gains as this is obviously not your primary residence. Check with an accountant and/or attorney to be sure.
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