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

    Aug 14, 2008, 06:23 PM
    Sell of Inherited Property
    My mom and her sister inherited their fathers property after he died, there was no mortgage to pay. When he passed away it was appraised for over 100k, They have an offer for 90k, when it was recently appraised for 85k. Are they going to have any taxes to pay on the property if all goes well with the offer? The estimated real estate commission is 4500 and the owner is paying all other fees and taxes. There was roughly $200 in to fix a few problems recently also, if that matters.
    hkstroud's Avatar
    hkstroud Posts: 11,929, Reputation: 899
    Home Improvement & Construction Expert
    		  
    #2

    Aug 14, 2008, 08:28 PM
    No. If the selling price, minus the cost of selling is less than the "Basis" there is no capital gain. Indeed, there is a capital loss. The basis would be the appraised value at the time of inheirtance.
    tangiawalker's Avatar
    tangiawalker Posts: 3, Reputation: 1
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    #3

    Feb 4, 2010, 10:17 AM

    How Do I sell my 1/3 of a house that is located at 4289 Kimball Road in Atlanta, GA 30331. The property is currently worth 88,000. My inheritance in worth 29,000.00.
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