If we ,six total sell my dad property for $400,000 and we owe 130,000 on the propery how much taxes will each owe?
If we ,six total sell my dad property for $400,000 and we owe 130,000 on the propery how much taxes will each owe?
Not as simple as that. What was the total estate value, that is where inheritance tax comes in.
Is the estate selling the property before it goes to the heir or is the hier selling it after they inherit it.
Is the property being sold at a profit ?
For each property your cost basis is the fair market value at the date of inheritance less any amount owed on the property. Now if you sell the property at a price higher than your cost basis, you have long term capital gain. Report it on schedule D (Form 1040). Gain from inherited property is always long term capital gain.
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