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    tomcat4frog's Avatar
    tomcat4frog Posts: 1, Reputation: 1
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    #1

    Feb 8, 2008, 04:20 PM
    Capital Gain on inherited land
    I received 2.5 acres after my grandmother passed and I am thinking about selling the land now. Will I have to pay Capital Gain or any other taxes. If so how much?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #2

    Feb 13, 2008, 02:28 PM
    You would have to pay the difference between the Fair Market Value at the time of your grandmother's death (stepped-up basis) and the sales price, minus the sales costs, at capital gains rates.

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