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    sammipr's Avatar
    sammipr Posts: 3, Reputation: 1
    New Member

    Jan 31, 2008, 12:22 PM
    Taxes on sale of inherited house
    We inherited 1/2 interest in my husband's family home when his mother died in 1990. He sold his interest in the house to his nephew in 2007. Do we have to pay taxes on the sale?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man

    Jan 31, 2008, 01:50 PM
    You need to get the house appraised as of 1990. That becomes your tax basis. Anything over that would be taxable income.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert

    Feb 1, 2008, 11:15 PM

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