 |
|
| Browse | Ask | Answer | Search | Join/Login |
|
|
||||
|
Inherited Property Being Sold- Taxes?
My father died and left property in trust for my mother, my brother and I. (40 years ago.) My mother dies in 1989, and the property transferred to my brother and I. The trust was dissolved in 1994. I have paid taxes on this property continuously.
The property value has increased 10x. It will probably sell for between 1.5-3 Million dollars. Until 2004, the value was estimated (for property taxes) as $150,000. Property is coastal Georgia. What kind of tax burden am I facing? |
||||
|
||||
|
When you sell the property, you will have to pay capital gains.
The only significant question is what the basis for the property will be. I am not sure on this, so you need to contact a competent tax professional. If it can wait, make the contact in June. Everyone is busy right now. |
||||
| Question Tools | Search this Question |
Add your answer here.
Check out some similar questions!
My mother passed in May leaving my brother and I both executors and beneficiaries of her estate. It turns out, without either of our knowledge, she changed her deed to make herself, myself, and my brother "joint tenants with survivorship" This transfer was made in March 2003 and she passed in May...
How do I determine the taxes owed on property sold that was severely damaged by Hurricane Katrina? The house was flooded by Katrina's storm surge, and my father lost his life that day. The estate has closed and my sister and I inherited the property. Prior to the storm the home FMV was...
I inherited property from step mother who had life estate of property which belonged to my father. My brother had already past away but had two daughters so I received 1/2 and they 1/4 each. Do I have to figure taxes on my half? Do I have to pay taxes on it or report it on my taxes? Thanks for your...
My brothers and I (4 of us) each inherited equal portions of my mother's house when she died. We sold the house shortly after the estate was settled and each of us received ~ 18,000 (there was no mortgage). Now, I am aware that any gain is taxed as long term no matter how long we owned it, since it...
My siblings and I inherited our parents house after their death. It was in poor condition. We had it appraised for $132,000 and sold it for $125,000. Do we owe any federal income tax on it? All I have read so far indicates that we do not. But, how to we file, since the mortgage company that...
View more questions Search
|
