I see many other questions on this topic, but none to my exact situation. I am curious how this works. My sister and I jointly inherited a property of our late aunt in CT which was valued (and filed estate-wise) at $650,000. As the property required much work before the sale, we invested over...

Are taxes due, such as capital gains taxes, on sale of inherited property?

I inherited property from step mother who had life estate of property which belonged to my father. My brother had already past away but had two daughters so I received 1/2 and they 1/4 each. Do I have to figure taxes on my half? Do I have to pay taxes on it or report it on my taxes? Thanks for your...

My father died and left property in trust for my mother, my brother and I. (40 years ago.) My mother dies in 1989, and the property transferred to my brother and I. The trust was dissolved in 1994. I have paid taxes on this property continuously. The property value has increased 10x. It...

My siblings and I inherited our parents house after their death. It was in poor condition. We had it appraised for $132,000 and sold it for $125,000. Do we owe any federal income tax on it? All I have read so far indicates that we do not. But, how to we file, since the mortgage company that...