Ask Experts Questions for FREE Help !
Ask
    JAMES l's Avatar
    JAMES l Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Dec 13, 2009, 08:45 AM
    If you sell inherited assets do you have to pay taxes in Georgia
    If we ,six total sell my dad property for $400,000 and we owe 130,000 on the propery how much taxes will each owe?
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #2

    Dec 13, 2009, 08:51 AM

    Not as simple as that. What was the total estate value, that is where inheritance tax comes in.

    Is the estate selling the property before it goes to the heir or is the hier selling it after they inherit it.

    Is the property being sold at a profit ?
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #3

    Dec 13, 2009, 08:26 PM

    For each property your cost basis is the fair market value at the date of inheritance less any amount owed on the property. Now if you sell the property at a price higher than your cost basis, you have long term capital gain. Report it on schedule D (Form 1040). Gain from inherited property is always long term capital gain.
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!

In Georgia when a judgement is put against you--what assets are exempt [ 4 Answers ]

I Am Trying To Find Out What Items(house,car Etc) Are Exempt From Being Taken By Creditors Under Ga. Law.

Sell of Inherited Property [ 2 Answers ]

My mom and her sister inherited their fathers property after he died, there was no mortgage to pay. When he passed away it was appraised for over 100k, They have an offer for 90k, when it was recently appraised for 85k. Are they going to have any taxes to pay on the property if all goes well with...

Inherited property one wants to sell the other doesn't who has what rights [ 1 Answers ]

My wife and her sister inherited their mothers condo, her sister wants to rent it out my wife would like to sell it next spring. What rights does my wife have? Can she force her sister to sell? What if her sister doesn't like the price that is offered for the property-can my wife force the sale?...

Non-resident Georgia taxes, working within Georgia [ 3 Answers ]

I have been working in Georgia, for a Georgia based company, for the past 22 years while living in Florida. I have had Georgia tax taken out of my salary all this time. I have filed Georgia Income Tax and filled out the schedule for "Non-residents" every year. It indicates that I must pay the tax...

International sell of home ? Inherited? Bringing money to the states. [ 1 Answers ]

Hi everyone, I am trying to get some advise on a house sale. I currently live in Ca. with my brother and mother. My Dad passed away 4 years ago in another country (Ecuador). My father lived in the U.S.A. and also in Ecuador however he owned a house where my mom and dads name is on. We are...

View more questions Search