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View Full Version : Taxes on Inheritance


cede
Mar 23, 2007, 01:08 PM
Do I have to pay taxes on a piece of land that I inherited and recently sold?

AtlantaTaxExpert
Mar 27, 2007, 12:44 PM
You have to pay taxes on the difference between what you sold it for and the Fair Market Value at the time of death on the original owner.

I recommend you get professional help in reporting this sale. The computations can be tricky.