Ask Experts Questions for FREE Help !
Ask
    sjbraden's Avatar
    sjbraden Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Apr 5, 2007, 11:10 AM
    Capital Gains/Inheritance
    Is a small inheritance from my mother of $20,000 subject to capital gains taxes?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Apr 16, 2007, 11:52 AM
    The inheritance ITSELF is not subject to capital gains taxes.

    If you inheritaed an asset (say a home), then sold the home several years after you inheirted it, THEN you may be subject to capital gains taxes.
    Mobea's Avatar
    Mobea Posts: 220, Reputation: 15
    Full Member
    		  
    #3

    Apr 16, 2007, 07:04 PM
    Good answer from ATE. If you ever do sell the asset, make sure that you use the appraised value at the time of inheritance. @ stock, real estate, etc. as your basis.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #4

    Apr 23, 2007, 01:21 PM
    An excellent point!

    Well said, Mobea!
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Capital gains [ 1 Answers ]

Hi,this whisky4 again to clarify in previous post,s,I close dthe purchase of last house on 9/31/04,sold same on 5/31/06 just short of (2)years purchase price was 129,999,sales price was 425,000,did both sale&purchase in same escrow office,purchase price of next Ho use was 155,000 plus we have put...

Capital gains [ 1 Answers ]

Hi,this inquiry is about taxes on a sale I made this year(2006)sales price 425,000$,bought in (2004)for 130,000$,made net profit of 269,000$,bought new house for 155,000$,put about 50,000$ in new house,was unaware that one time exemption maybe not in use,my age is (65),thank,s whisky4

Inheritance and capital gains tax [ 3 Answers ]

My mother has suddenly changed her mind and decided to leave the house to the granddaughter. She bought her house in California for $8,900 in 1950. It has been paid off for 25 years. Value is now at $550,000 My question is can my neice just move in and keep the house without selling? Are there...

Capital Gains [ 3 Answers ]

I'm in the process of selling my house and land which currently is in three different tax bills. I went through a divorce last year and one of my questions can I use the appraisal price that was used for me to own the house and land? Two pieces were combined as it was questionable if the sewer was...

View more questions Search