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Sale of inherited property question
My mother passed away in October 2010. I inherited her home, which was long paid off. The house has a current market value 0f $800,000, ans I am listing the house next week for $790,000. I have not lived in the house in about 18 years, and I live in a different state than the property.. What is my tax burden on the sale of the home? Thanks in advance!
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The basis of the house is the Fair Market Value on the date of your mother's death.
If you sell the house for MORE than that FMV, you will pay long-term capital gains on that gain. The LTG rate is either 5% or 15%. If there is a loss, the loss cannot be deducted, but you STILL must report the sale using Schedule D. |
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