View Full Version : Capital Gains/Inheritance
sjbraden
Apr 5, 2007, 11:10 AM
Is a small inheritance from my mother of $20,000 subject to capital gains taxes?
AtlantaTaxExpert
Apr 16, 2007, 11:52 AM
The inheritance ITSELF is not subject to capital gains taxes.
If you inheritaed an asset (say a home), then sold the home several years after you inheirted it, THEN you may be subject to capital gains taxes.
Mobea
Apr 16, 2007, 07:04 PM
Good answer from ATE. If you ever do sell the asset, make sure that you use the appraised value at the time of inheritance. @ stock, real estate, etc. as your basis.
AtlantaTaxExpert
Apr 23, 2007, 01:21 PM
An excellent point!
Well said, Mobea!