taxes on inherited property sold

Question

Dec 24, 2004, 09:12 AM

lbtompkins

New Member

Join Date: Dec 2004

Posts: 1

taxes on inherited property sold

My siblings and I inherited our parents house after their death. It was in poor condition. We had it appraised for $132,000 and sold it for $125,000. Do we owe any federal income tax on it? All I have read so far indicates that we do not. But, how to we file, since the mortgage company that handled the closing sent a tax statement (I think a 1099) to me?

Answer this Question Ask about Taxes

« Previous Question | Next Question »

Question Tools	Search this Question
Show Printable Version Email this Page	Search this Question: Advanced Search
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode

Similar Sponsors

Similar Questions
Question	Asker	Topic	Answers	Last Post
Property damaged by Katrina, inherited and now sold	kd341	Taxes	3	Oct 2, 2006 01:57 PM
Taxes on inherited property	bily-bon	Taxes	4	Aug 17, 2006 08:49 AM
Inherited Property Being Sold- Taxes?	wynelle	Taxes	1	Feb 7, 2006 09:22 AM
Is the house inherited property?	sandcrow	Taxes	4	Jan 15, 2006 12:54 PM
Do I pay tax on inherited property sold?	pip601	Taxes	7	May 30, 2005 08:32 AM



At Ask Me Help Desk you can ask questions in any topic and have them answered for free by our experts. To ask questions or participate in answering them you must register for a free account. By registering you will be able to: Get free answers from experts in any of our 300+ topics. Accept money for answers that you provide. Communicate privately with other members (PM). See fewer ads. Sign Up!