[clmitchell6931]

If you sell a piece of inherited property so I can buy a family home me and my
Siblings just inherited what are tax on the one sold. And is there a one time tax break if your 55 and older

[ScottGem]

Any question on law needs to include your general locale as laws vary by area.

Has the estate been probated yet? Was the property transferred yet?

Generally any taxes on the inheritance should have been paid by the estate. If you sell an inherited property, generally you are taxed on the gain based on the sale price over the value at the time of death.

[AtlantaTaxExpert]

Scott's answers and questions are all relevant.

You would probably benefit from a face-to-face meeting with a local estate tax expert who can examine all aspects of your situation and offer the requisite advice.

[ebaines]

Just to add - no, there is no one-time tax break if you are 55 or older. That old tax break was modified to become a tax break available to all homeowners regardless of age, but only if the home has been your primary residence for at least two of the previous 5 years. But in your case capital gains taxes are likely not much of an issue, since as ScottG says your tax cost basis is equal to the fair market value of the property as of the date of death of the decedant (unless the executor chose an alternate valuation date, which he should have alterted you to). And when you consider expenses incurred in selling the property (such as real estate agent commission) it's unlikely you'll have much capital gain to report, unless you and your siblings have been holding onto the property for many years so that it has appreciated in value during your time of ownership.