Taxes on inherited property
Asked Aug 15, 2006, 01:04 PM
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 help. Bill Bond I need to add that we sold the propert soon after we inherited it and what I would like to know is if we have to pay capital gains on the money we receive for the property. Thanks so much for your help. Bill Bond
Last edited by bily-bon; Aug 18, 2006 at 11:48 AM.