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-   -   Taxes on sold property (https://www.askmehelpdesk.com/showthread.php?t=299837)

  • Jan 6, 2009, 08:33 AM
    Chris A Jeney
    Taxes on sold property
    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
  • Jan 7, 2009, 01:50 AM
    AtlantaTaxExpert
    You should get professional tax help; the tax issues associated with the sale of property in another state will overwhelm an amateur.
  • Jan 7, 2009, 04:55 AM
    MukatA

    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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