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Chris A Jeney
Jan 6, 2009, 08:33 AM
How do I figure my taxes on property sold in PA, I am a full time resident in WV. It was my fathers property that my brother and I split 50/50. I have a 1099 S

AtlantaTaxExpert
Jan 7, 2009, 01:50 AM
You should get professional tax help; the tax issues associated with the sale of property in another state will overwhelm an amateur.

MukatA
Jan 7, 2009, 04:55 AM
Your cost basis of inherited property is the fair market value of the property at the date of death. You must report sale on schedule D (Form 1040). You gain or loss is long term.
Read: Your U.S. Tax Return: Tax on Inheritances (http://taxipay.blogspot.com/2008/02/tax-on-inheritances.html)