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View Full Version : Taxes on sale of inherited house


sammipr
Jan 31, 2008, 12:22 PM
We inherited 1/2 interest in my husband's family home when his mother died in 1990. He sold his interest in the house to his nephew in 2007. Do we have to pay taxes on the sale?

ScottGem
Jan 31, 2008, 01:50 PM
You need to get the house appraised as of 1990. That becomes your tax basis. Anything over that would be taxable income.

AtlantaTaxExpert
Feb 1, 2008, 11:15 PM
Agreed.