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Do I pay tax on a condo that was put in my name before my father died and later sold?
My father's condo was put in my name before he died. After his death, it was sold. Do I claim this as an inherited property? What do I claim this as on my taxes and how much will I have to pay?
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If the condo was put in your name it became your transferred property even if the transfer of ownership was not included in your father's will. Therefore, you are obligated to pay taxes on that property where such taxes apply. You say it was sold. If it was not you who sold it, you need to see a lawyer. If you sold it all relevant taxes apply to you. |
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If it was put in your name before your father's death, then he gave the condo to you as a gift - you did not receive it s an inheritance. When it sold you made a gain if the sales price was greater than your cost basis. For gifts, usually your cost basis is the same as it was for the person who gave you the gift - so you will need to find out what your father's cost basis for the condo was. However, there are exceptions - for example if the fair market value of the condo when he gave it to you was less than his basis then you use that number. You then calculate your capital gain (if any) and report the gain on schedule D. |
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