[mj70914]

I have recently sold a piece of inherited property and am trying to estimate what taxes will be in order to equally divide expense between my sibling and myself.

I have a few unusual circumstances however:
- the property was in my name only
- the property was not put into my name until 5 years after my father's death due to a court hold-up in the disbursement

The property was worth arounf $175,000 (tax value) when it came into my name 4 years ago. Some money wasinvested into the property after the fact (about $5000) and it has now been sold for $70,000 - that is what the 1099-s states also.

Given these details, what can I expect to pay in taxes, filing single at an annual income of $50k?

The estimated total will need to be split and taken rom my sibling's portion of the proceeds.

[Hot Corn Bread]

There should not be any taxes on the sale nor if you sold it for $175,000. Might ought to check your state income tax department to see if low inheritance amounts
Are taxable.

[AtlantaTaxExpert]

If you sold it for $70,000, MUCH less than the basis, you have a capital loss, but it is NOT deductible because the property is personal in nature.

You DO have to report the sale using Schedule D and Form 8949, but no taxes are due.