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    cpilkenton's Avatar
    cpilkenton Posts: 1, Reputation: 1
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    #1

    Feb 8, 2010, 05:01 PM
    If I sell inherited farm property, do I have to pay income tax for the value?
    I inherited a 1/3 share of a farm that is co-owned by two other relatives. I sold the property for $76K. Do I pay income tax on $76K or only if it's sold for more than it's appraised for?
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
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    #2

    Feb 9, 2010, 01:39 AM

    Your cost basis of the property is more than the fair market value at the date of death. If you sold for price more than you cost basis you have a gain. Report on schedule D/F (Form 1040).
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