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View Full Version : Capital Gain on inherited land


tomcat4frog
Feb 8, 2008, 04:20 PM
I received 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?

AtlantaTaxExpert
Feb 13, 2008, 02:28 PM
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.