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

    Feb 7, 2013, 01:58 PM
    Do I owe taxes on property sold under fair market value?
    My husband died and had half ownership of some property. He left me the half in his will, then I let the other partner buy my 1\2 for under market value. The title company asked me to get an ein number before giving me the money and at the same instance they gave my attourneys a check from my 1\2. Will I owe taxes?
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #2

    Feb 7, 2013, 02:28 PM
    Given the fact that your husband had a partner (and hence I assume this is actually a business property) you really should talk to an attorney who specializes in estates about this. The taxes owed will really depend on a number of factors, including whether you had taken ownership of the property from your husband's estate before selling it (as opposed to selling it directly from his estate), and whether your husband had depreciated the property on his taxes over the years.
    AK lawyer's Avatar
    AK lawyer Posts: 12,592, Reputation: 977
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    #3

    Feb 8, 2013, 08:54 PM
    ... The title company asked me to get an ein number before giving me the money and at the same instance they gave my attourneys a check from my 1\2.. .
    Asking for your EIN and giving the check to your attorney isn't a clue that the title company thinks you will have to pay taxes. It is required to report any transaction over a set amount to the IRS.
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