Ask Experts Questions for FREE Help !
Ask
    lindadg's Avatar
    lindadg Posts: 1, Reputation: 1
    New Member
     
    #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
    Computer Expert and Renaissance Man
     
    #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
    Expert
     
    #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.

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!

Tax question regarding sale of inherited property... [ 1 Answers ]

Three years ago my deceased parents left three houses totalling about $550,000 to me and my three sisters without a will. In succession, it was ordered that we all own the property equally (approximately $135,000 each). Over time, the properties have deteriorated some, and have gone vacant. Because...

Slightly Different Inherited Property Sale Tax [ 8 Answers ]

My mother died in September 2006. My mom owed a mere $2,xxx on the house, so my sister and I paid it off and the house was placed in our names, owning it outright. My sister and I were going to sell the house, but with work and school we were both very busy. When ready to finally sell it in...

How to determine the tax on sale of inherited property [ 2 Answers ]

Property left to my Husband and his brother is going to be sold.. my husbands brother has lived on this property with his wife for almost 20 years.. most likely the property sale will be split 50/50.. property is located in Pa.. we live in Md.. any info or advice would be appreciated

Tax on sale of Inherited Property [ 1 Answers ]

My mother passed away in Nov of 2006 and left her home that was in trust to myself and my two sisters. We sold the property in mid 2007. Is there any tax owed on the sale of the home? The house was in trust, so don't know why there would be. But read on IRS site that we must fine the basis of the...


View more questions Search