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Tax on inherited property sale?
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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. ...
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My mother passed away in October 2010. I inherited her home, which was long paid off. The house has a current market value 0f $800,000, ans I am listing the house next week for $790,000. I have not lived in the house in about 18 years, and I live in a different state than the property.. What is my...
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I understand for federal capital gains tax on the sale of inherited property that the basis is based on the FMV of the property within 30 days of my father’s death in 2004. Therefore the gain is the difference of the basis vs. the sale price. I am a resident of Colorado and I have property in...
Taxes on Sale of Property Inherited
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My sister and I lost our Mom in Dec and she left us several properties. We plan to sell her house this spring. We are wondering about the tax implications here. Will we have to pay taxes on all that we inherited when we sell it. Thanks for your help.
Tax on sale of Inherited Property
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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
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