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

    Jul 3, 2011, 06:44 PM
    Tax on inherited property sale?
    I inherited a house and property from my uncle in 2010, at his death it was appraised at 75,200. I sold it in 2011 for 50,000; after real estate commissions and repairs to the house, I got 43,500. Will I owe taxes on any of this money, if so on how much.
    Thanks,
    Linda
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #2

    Jul 3, 2011, 06:48 PM

    No. If it was appraised for $75K that became your cost basis. If you sold it for less, they you have no gain. I don't believe you can claim it as a loss though.
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #3

    Jul 5, 2011, 06:12 AM

    Correct - no gain to report, but you can't claim a loss either (since the house was neither your residence nor an investment roperty). So there is nothing here to report on your taxes.
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