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    mld9u's Avatar
    mld9u Posts: 1, Reputation: 1
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    #1

    Mar 14, 2007, 09:20 AM
    Taxes on sale of inherited real estate
    We are selling the farm/residence we inherited from my father.what taxes are we going to be required to pay here in Virginia?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #2

    Mar 18, 2007, 05:13 PM
    The basis of the property "stepped up" to the Fair Market Value at the time of your father's death.

    Assuming the property has appreciated since then, you will pay capital gains taxes on the on whatever you get for the propety minus the sales costs minus the stepped-up FMV.
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