Ask Experts Questions for FREE Help !
Ask
    cede's Avatar
    cede Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Mar 23, 2007, 01:08 PM
    Taxes on Inheritance
    Do I have to pay taxes on a piece of land that I inherited and recently sold?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Mar 27, 2007, 12:44 PM
    You have to pay taxes on the difference between what you sold it for and the Fair Market Value at the time of death on the original owner.

    I recommend you get professional help in reporting this sale. The computations can be tricky.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Taxes on inheritance [ 1 Answers ]

My wife's aunt recently passed away in New York State. We live in Maryland. What state and federal taxes will have to be paid on the inheritance once the estate is settled. The estate is valued at less than one million. 2 blood relative split 50%. 8 nonblood relitives split the remaining 50%. ...

PA inheritance taxes [ 1 Answers ]

I received an automobile valued at $10,000 from my stepbrother's grandmother's estate. What, if any, taxes (PA and/or Federal) do I have to pay and when would they be due?

Inheritance and taxes [ 1 Answers ]

Here in California, a house left by our mother in a Trust, is to be sold and funds split between my siblings and myself, (approx. $60K each). What are my tax ramifications? Will this be taxed at a different rate? Will it be considered earned income? As you can see, I am at a total loss of what to...

Inheritance Taxes: Federal and in GA [ 2 Answers ]

My father passed away earlier this year, leaving 3 children a sum of less than $500,000.00. Everything was probated and distribution made between his 3 children. Just wanting to know if I have to declare this money as income and are there any taxes that will need to be paid, federally or to the...

Income taxes on inheritance [ 0 Answers ]

For Colorado and Federal Income taxes, do you have to report an inheritance and pay taxes on it?

View more questions Search