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    connie unrein's Avatar
    connie unrein Posts: 1, Reputation: 1
    New Member
     
    #1

    Dec 12, 2018, 08:11 PM
    Inhereted property
    hi my dad gave me his 1/3rd of his mothers property which I received a check for 60.00 along with my aunt and uncle they were in such a hurry ti sale that they sold it for 40.000 less than market value and filed as a 1099 on our inheritance how much will I owe
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #2

    Dec 12, 2018, 08:59 PM
    If your father GAVE it to you, you must use 1/3 of what the property was worth when your grandmother died. Assuming you know WHEN she died and the property address, you can contact local real estate professional who, for a small fee, will give you the fair market value (FMV) on the date of your grandmother's death.

    I assume the "60.00" figure is in fact $60,000. Let's assume the FMV of the property at your grandmother's death was $150,000.

    One-third of $150K is $50,000, which means YOUR share of the capital gains is $10,000.

    How much you owe in taxes depends on how much your other income was in the year you received the $60,000. The tax could be as high $2,800 or as low as ZERO.

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