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    raghubir's Avatar
    raghubir Posts: 1, Reputation: 1
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    #1

    Sep 18, 2012, 10:58 AM
    When Inherited property is being litigated, what will be considered as date of inheri
    The property left my father was litigated and final court order was issued after 10 years, what is to be considered as date of inheritance for purposes of calculating taxes?
    joypulv's Avatar
    joypulv Posts: 21,591, Reputation: 2941
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    #2

    Sep 18, 2012, 11:00 AM
    10 years? What country?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #3

    Sep 18, 2012, 04:01 PM
    The year of the death of your father.
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
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    #4

    Sep 19, 2012, 02:37 AM
    What taxes? There is no federal tax on inheritances.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #5

    Sep 19, 2012, 06:29 AM
    But there MAY be estate taxes, or inheritance taxes at the state level.
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #6

    Sep 19, 2012, 08:45 AM
    And there will likely be capital gains taxes due if the property is sold.

    To the OP - if this is in the US, the basis for capital gains calculations when the heir sells the property is usually the date of death of the decedant. However, the executor of the estate may have decided to use an alternate valuation date when he originally valued the estate - so ask the executor what date he used. If unknown, then use the date of death.
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