[JPS2]

I Have Property I Am Selling That Was Transferred Into My Name Before My Parents Died. How Do I Found Out What Kind Of Tax I Have To Pay On The Sale Of The Property? I Am In Texas

[ebaines]

With respect to any local taxes or fees that are due upon the sale of real estate, these will be taken care of at the closing. I believe in TX it's typically the Title Company that handles these details. I'm sure you can find out what these fees may be by calling your title insurance company. If you are using a real estate broker to sell the property he/she should be able to handle this as well.

As for federal taxes that may be due - since this is not your primary residence, if you sell the property for more than the amount it was worth when you originally took ownership (the tax basis) the increase will be taxed as capital gains - depending on your tax bracket this may be 20% of the value of the appreciation, less any capital investments you may have made and fees you incur in selling the property.

[JPS2]

ebaines,
Thank you, for taking the time to answe my question. I appreciate it