Is the sale of inherited land taxable?
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Works at the International Committee of the Red Cross, Lives in Geneva, Switzerland.
Instead, its basis is its fair market value at the date of the prior owner's death. This will usually be more than the prior owner's basis. The bottom line is that if you inherit property and later sell it, you pay capital gains tax based only on the value of the property as of the date of death.May 16, 2015
2023-06-22 09:00:25
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Noah Garcia
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Instead, its basis is its fair market value at the date of the prior owner's death. This will usually be more than the prior owner's basis. The bottom line is that if you inherit property and later sell it, you pay capital gains tax based only on the value of the property as of the date of death.May 16, 2015
