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

    Jan 11, 2011, 06:24 AM
    sold an inherited house for $25,000.
    Received $6500. Down and pmts of $300/mo. Home valued at $35. What taxes will be due.
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #2

    Jan 11, 2011, 06:30 AM

    Depends on your cost basis. If your cost basis is less than $25,000 then you have a capital gain and owe capital gains taxes on the difference between your proceeds and cost basis. If your cost basis is equal to or less than $25K then you have a loss and nothing to report on your taxes (you can't deduct losses on personal property). Your cost basis is equal to the fair market value of the property as of the date of death of the decedant (check with the executor of the estate to find out what that figure is) plus the costs of any capital improvements you may have made to the house after you inherited it.
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