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-   -   Tax on inherited property sale? (https://www.askmehelpdesk.com/showthread.php?t=585427)

  • Jul 3, 2011, 06:44 PM
    lindadg
    Tax on inherited property sale?
    I inherited a house and property from my uncle in 2010, at his death it was appraised at 75,200. I sold it in 2011 for 50,000; after real estate commissions and repairs to the house, I got 43,500. Will I owe taxes on any of this money, if so on how much.
    Thanks,
    Linda
  • Jul 3, 2011, 06:48 PM
    ScottGem

    No. If it was appraised for $75K that became your cost basis. If you sold it for less, they you have no gain. I don't believe you can claim it as a loss though.
  • Jul 5, 2011, 06:12 AM
    ebaines

    Correct - no gain to report, but you can't claim a loss either (since the house was neither your residence nor an investment roperty). So there is nothing here to report on your taxes.

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