How do I figure my taxes on property sold in PA, I am a full time resident in WV. It was my fathers property that my brother and I split 50/50. I have a 1099 S
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How do I figure my taxes on property sold in PA, I am a full time resident in WV. It was my fathers property that my brother and I split 50/50. I have a 1099 S
You should get professional tax help; the tax issues associated with the sale of property in another state will overwhelm an amateur.
Your cost basis of inherited property is the fair market value of the property at the date of death. You must report sale on schedule D (Form 1040). You gain or loss is long term.
Read: Your U.S. Tax Return: Tax on Inheritances
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