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

    Oct 24, 2007, 03:43 PM
    Selling inheritance land
    If I inherited a lot of land from my grandmother, and want to sell it, do I have to pay an inheritance tax, or regular land tax when I file? Or both?
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
    Uber Member
    		  
    #2

    Oct 25, 2007, 06:16 AM
    Hello darlene:

    Go visit a CPA. He can tell you. I don't know the laws in your county. I don't know even know where you live. But, don't tell me. I'm not going to look up the laws there.

    excon
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #3

    Oct 25, 2007, 06:27 AM
    the first 2 million of an inheritance is exempt from federal taxation. Most states follow that threshold.

    You need to find out the value of the property at the time of her death. That becomes your cost basis. If you make a profit on the sale over that amount you will have to pay taxes on it.
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!

Inheritance of Foreign land, business & apartment [ 4 Answers ]

My father was a dual U.S./Lebanese citizen who lived in Lebanon for the last 10 years of his life. Last June, he passed away and I inherited some plots of land in Lebanon, an apartment and his business. Do I have to report this for tax purposes? If so, what is my basis? The store is...

Selling of land contrat [ 3 Answers ]

Okay, I purchased a used mobile home last year under a land contract with $5000 down. I pay the taxes and insurance on the mobile home. I decided to take a job in another state and asked if I could let a friend take over the payments and eventually the mobile home would be his when paid off. The...

Buyer Selling a home they have on Land Contract [ 4 Answers ]

I have a land Contract on the home we live in now. We are getting a new home. I have been told to sale the house we live in now. Pay off the Land Contract and keep the profit. Can you do this? How? Thanks

Selling home--considering accepting land contract offer [ 18 Answers ]

Hi, I've had my home in Pittsburgh on the market for the past 7 months. With the real estate market taking the downturn that it did, I've had few if any offers on the home. The home is priced right according to a recent appraisal, so I'm not worried that it's over-priced. Still, it just sits...

View more questions Search