Capital Gain on inherited land

Question

Feb 8, 2008, 02:20 PM

tomcat4frog

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Join Date: Feb 2008

Posts: 1

Capital Gain on inherited land

I recieved 2.5 acres after my grandmother passed and I am thinking about selling the land now. Will I have to pay Capital Gain or any other taxes. If so how much?

Answers

Feb 13, 2008, 12:28 PM	#2

AtlantaTaxExpert Tax Expert Join Date: Feb 2005 Location: Atlanta, Georgia Posts: 9,706	You would have to pay the difference between the Fair Market Value at the time of your grandmother's death (stepped-up basis) and the sales price, minus the sales costs, at capital gains rates.

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