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    Edith Wilson's Avatar
    Edith Wilson Posts: 4, Reputation: 1
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    #1

    Jul 8, 2011, 07:22 AM
    Can I sell inheritance property that has tax lien in Texas
    Can I sell inheritance property that has a tax lien? And do I have to pay taxes on the amount I get?
    Edith Wilson's Avatar
    Edith Wilson Posts: 4, Reputation: 1
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    #2

    Jul 8, 2011, 07:24 AM

    Can I sell inheritance property with a tax lien on it?
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
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    #3

    Jul 8, 2011, 07:25 AM

    Hello E:

    Sure, but the lien will have to be paid at closing.

    excon
    AK lawyer's Avatar
    AK lawyer Posts: 12,592, Reputation: 977
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    #4

    Jul 8, 2011, 07:26 AM
    Quote Originally Posted by Edith Wilson View Post
    ... and do i have to pay taxes on the amount i get?
    Yes. Your basis would be the value of the land at the time you inherited it. If it's worth more now, you would pay taxes on the difference.

    If the tax lien was on the property when you inherited it, you would reduce your basis by the amount of the lien.
    Edith Wilson's Avatar
    Edith Wilson Posts: 4, Reputation: 1
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    #5

    Jul 8, 2011, 07:40 AM

    What are the taxes to be paid on $130.00
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
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    #6

    Jul 8, 2011, 07:45 AM

    Hello again, E:

    Ask the people who put the lien on the property. It's probably your county. Call 'em up.

    Uhhh... What's the $130 for? Where did you get that number?

    excon
    Edith Wilson's Avatar
    Edith Wilson Posts: 4, Reputation: 1
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    #7

    Jul 8, 2011, 07:55 AM
    What is the taxes on $130.000?
    AK lawyer's Avatar
    AK lawyer Posts: 12,592, Reputation: 977
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    #8

    Jul 8, 2011, 08:03 AM
    Quote Originally Posted by Edith Wilson View Post
    what are the taxes to be paid on $130.00
    Quote Originally Posted by Edith Wilson View Post
    what is the taxes on $130.000?
    There is a big difference between a comma and a decimal point. :)

    Do you mean $130,000 (long term capital gain) income tax? From $0 to $19,500 (0%-15%), depending on your tax bracket. You should talk to an accountant to be sure.

    It is considered long term capital gain if you held it for more than a year. Note this has been changed several times in the past few years. It is scheduled to change again in 2012.
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