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

    Oct 31, 2012, 09:56 PM
    Taxes on inherited land?
    I recently sold land that was inherited from my grandmother. With tax season around the corner am required to pay taxes on the land?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #2

    Nov 1, 2012, 05:36 AM
    Probably. You will owe taxes on the difference between what the Fair Market Value of the land on the date of your grandmother's death and what you sold it for.

    This is capital gains taxes (long-term), which will be taxed at a rate between 0% and 15%.
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