mld9u
Mar 14, 2007, 09:20 AM
We are selling the farm/residence we inherited from my father.what taxes are we going to be required to pay here in Virginia?
AtlantaTaxExpert
Mar 18, 2007, 05:13 PM
The basis of the property "stepped up" to the Fair Market Value at the time of your father's death.
Assuming the property has appreciated since then, you will pay capital gains taxes on the on whatever you get for the propety minus the sales costs minus the stepped-up FMV.