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View Full Version : Taxes on inherited property sold


lbtompkins
Dec 24, 2004, 11:12 AM
My siblings and I inherited our parents house after their death. It was in poor condition. We had it appraised for $132,000 and sold it for $125,000. Do we owe any federal income tax on it? All I have read so far indicates that we do not. But, how to we file, since the mortgage company that handled the closing sent a tax statement (I think a 1099) to me?