If I inherited a lot of land from my grandmother, and want to sell it, do I have to pay an inheritance tax, or regular land tax when I file? Or both?

Hello darlene:

Go visit a CPA. He can tell you. I don't know the laws in your county. I don't know even know where you live. But, don't tell me. I'm not going to look up the laws there.

excon

the first 2 million of an inheritance is exempt from federal taxation. Most states follow that threshold.

You need to find out the value of the property at the time of her death. That becomes your cost basis. If you make a profit on the sale over that amount you will have to pay taxes on it.