Inherited Property Being Sold- Taxes?
My father died and left property in trust for my mother, my brother and I. (40 years ago.) My mother dies in 1989, and the property transferred to my brother and I. The trust was dissolved in 1994. I have paid taxes on this property continuously.
The property value has increased 10x. It will probably sell for between 1.5-3 Million dollars. Until 2004, the value was estimated (for property taxes) as $150,000. Property is coastal Georgia.
What kind of tax burden am I facing?