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    rvj's Avatar
    rvj Posts: 1, Reputation: 1
    New Member
     
    #1

    Apr 14, 2007, 05:58 PM
    Taxes on inherited property
    Are taxes due, such as capital gains taxes, on sale of inherited property?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
     
    #2

    Apr 14, 2007, 06:12 PM
    Yes. At the time of inheritance, a cost basis is set for the property. Any increase over that cost basis is income.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
     
    #3

    Apr 20, 2007, 11:09 AM
    Scott has it right!

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