Ask Me Help Desk

Ask Me Help Desk (https://www.askmehelpdesk.com/forum.php)
-   Taxes (https://www.askmehelpdesk.com/forumdisplay.php?f=320)
-   -   Taxes on sale of inherited house (https://www.askmehelpdesk.com/showthread.php?t=178965)

  • Jan 31, 2008, 12:22 PM
    sammipr
    Taxes on sale of inherited house
    We inherited 1/2 interest in my husband's family home when his mother died in 1990. He sold his interest in the house to his nephew in 2007. Do we have to pay taxes on the sale?
  • Jan 31, 2008, 01:50 PM
    ScottGem
    You need to get the house appraised as of 1990. That becomes your tax basis. Anything over that would be taxable income.
  • Feb 1, 2008, 11:15 PM
    AtlantaTaxExpert
    Agreed.

  • All times are GMT -7. The time now is 08:36 PM.