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Taxes on sale of inherited house
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My father purchased land in 1950, built on the property where he and his wife (my mother) lived until his death in 1979 at which time my mother assumed the full deed. Over several years during the late 1980's, my mother gifted undivided parcels of all the land to her 5 children. We five now are in...
Tax Consequences for Sale of Inherited House
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My wife was willed a house upon the death of her parents. The county valued the house at 142,000 at time of probate. The house was sold for a net of 115,000 after all fees. What are the tax consequences? Thank you.
'Sale of partial owneship of inherited house'
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Expounding on question/answer "We inherited 1/2 interest in my husband's family home when his mother died in 1990. He sold his interest in the house to his nephew in 2007. Do we have to pay taxes on the sale?" "Yes - assuming that the amount he sold it for is more than his cost basis he would have...
Taxes on sale of inherited house
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We inherited 1/2 interest in my husband's family home when his mother died in 1990. He sold his interest in the house to his nephew in 2007. Do we have to pay taxes on the sale?
Sale of partial owneship of inherited house
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We inherited 1/2 interest in my husband's family home when his mother died in 1990. He sold his interest in the house to his nephew who owned 1/3 of the other half in 2007. Do we have to pay taxes on the sale? View more questions Search
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