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.