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catsdawg
Jan 5, 2011, 12:29 PM
Myself and my siblings inherited and sold property in New York, we each received a predetermined amount from the sell of this property do we have any taxes to pay 2010 resulting from the sell of this property we all live in Ohio, but one lives in NY

ebaines
Jan 5, 2011, 03:10 PM
As heirs you do not owe any estate tax or inheritance tax on the value you inherited (there is no federal estate tax, and neither NY nor OH have an inheritance tax). However, eEch of you may owe capital gains on your portion of the sale of the property, if it sold for more than the fair market value as of the date of death of the decedant. The executor of the estate should be able to tell you what that value was, so you can determine if you must file a Schedule D to report a gain on the sale of the property