Ask Experts Questions for FREE Help !
Ask
Page 2 of 2 « First < 2
    wauya's Avatar
    wauya Posts: 93, Reputation: -5
    Junior Member
    		  
    #21

    Nov 1, 2011, 07:07 AM
    Thanks a lot of your answer.Do you mean that his mother's share valve at her dead should wash from the total amount got from this matter of him when calculate his gain for tax base?I think op will like to know too.Thanks again.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #22

    Nov 1, 2011, 11:12 AM
    Quote Originally Posted by wauya View Post
    Thanks a lot of your answer.Do you mean that his mother's share valve at her dead should wash from the total amount got from this matter of him when calculate his gain for tax base?I think op will like to know too.Thanks again.
    I'm not sure how I can explain this any better than I have. There were two owners as joint tenants. One owner died so their share reverted to the other joint tenant. But the tax basis for that share becomes the value at the time of death. The tax basis for the other share is the cost to that owner.

    So because there is a different tax basis for each share the gain/loss has to be figured separately for each share.
Not your question? Ask your question View similar questions
 
Page 2 of 2 « First < 2

Question Tools Search this Question
Search this Question:

Advanced Search


Check out some similar questions!

What taxes on inherited property at $17,000 value. Eight of us inherited it in Ga. [ 9 Answers ]

My Mom passed away and left her home and land to 8 of us. We sold it to one sister for the value of $ 17,000. Our Lawyer was of no help to us. What kind of taxes are we responsible for? This is in Georgia. Our Dad passed away in 2006. Mom passed in Aug. of 2009.

Who pays back property taxes in inherited property [ 5 Answers ]

I inherited 51 acres in West Virginia from my father who has died in March of last year. It is being transferred to me on Friday. The 2008 property taxes have not been paid. The will is going through Probate Court in Georgia now. Should the estate of my father pay the back taxes as the will is...

Taxes on Inherited Property [ 3 Answers ]

My grandmother died in 2001. She left a living will estate for her roommate to live in the home until she died and then my sister and I would then own the home.The roommate died in 2008. So once the roommate died we were able to sell the home. We sold it a few months after the roommate died and...

Taxes on inherited property [ 2 Answers ]

Are taxes due, such as capital gains taxes, on sale of inherited property?

Taxes on inherited property [ 4 Answers ]

I inherited property from step mother who had life estate of property which belonged to my father. My brother had already past away but had two daughters so I received 1/2 and they 1/4 each. Do I have to figure taxes on my half? Do I have to pay taxes on it or report it on my taxes? Thanks for your...

View more questions Search