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    honeybun2's Avatar
    honeybun2 Posts: 2, Reputation: 1
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    #1

    Jan 29, 2008, 09:21 AM
    What do I pay in taxes on land sold that was given to me after both parents died?
    Both parents are deceased. Property was left to the four of us Mom died 9 years ago. We just sold last year. What taxes do I pay?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #2

    Jan 29, 2008, 09:25 AM
    You need to get an appraisal of the property at the time of your Mom's death. That becomes the tax basis. Anything over that amount is considered your profit and is taxable.
    honeybun2's Avatar
    honeybun2 Posts: 2, Reputation: 1
    New Member
    		  
    #3

    Jan 30, 2008, 08:37 AM
    Tax Dept Appraisal used
    We did not get parents house appraised after dealth. Just sold it last year. Can I use information from the Nash Cnty Tax Dept on the value of the house in 1998 which is the year Mom died?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #4

    Jan 30, 2008, 09:53 AM
    Agreed.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #5

    Jan 30, 2008, 09:54 AM
    Probably not. A tax assessment appraisal is probably not a true market value appraisal.

    {Note: I merged the 2 threads, please don't start a new thread for the same issue-<>}
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #6

    Jan 30, 2008, 03:32 PM
    I agree that a tax appraisal estimate is NOT the best way to go, though it may be the only one available.

    Contact a real estate company who was in business back then; they could probably give you a decent appraised value.
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