Ask Experts Questions for FREE Help !
Ask
    Chris A Jeney's Avatar
    Chris A Jeney Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Jan 6, 2009, 08:33 AM
    Taxes on sold property
    How do I figure my taxes on property sold in PA, I am a full time resident in WV. It was my fathers property that my brother and I split 50/50. I have a 1099 S
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Jan 7, 2009, 01:50 AM
    You should get professional tax help; the tax issues associated with the sale of property in another state will overwhelm an amateur.
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #3

    Jan 7, 2009, 04:55 AM

    Your cost basis of inherited property is the fair market value of the property at the date of death. You must report sale on schedule D (Form 1040). You gain or loss is long term.
    Read: Your U.S. Tax Return: Tax on Inheritances
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Taxes on inherited property sold [ 1 Answers ]

I see many other questions on this topic, but none to my exact situation. I am curious how this works. My sister and I jointly inherited a property of our late aunt in CT which was valued (and filed estate-wise) at $650,000. As the property required much work before the sale, we invested over...

Property Taxes on Property sold for estate settlement. [ 1 Answers ]

We have sold property in Indiana that will be part of and estate settlement. The property sold for less than $100,000. The money from this property will be divided between the 6 children. What taxes will be owed for the sale of this property?

Inherited Property Being Sold- Taxes? [ 1 Answers ]

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...

Taxes on inherited property sold [ 0 Answers ]

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