Capital Gains
I,m selling and inherited house.$65,000.this is my 1st time sellling.will i be subject to tax <cg> on the full amount or the value when i got it in ****Must Reach Freshman Investor status before posting URL's***hanks to all,-)
chalee_2002,
Before answering your question, you need to provide a little more information. The answers to the following questions may affect our response.What was the appraised value of the house when you inherited it?
When did you inherit it?
How have you used the house since you inherited it?
Generally speaking, there is no taxable profit when inherited property is sold at the value of its appraisal at inheritance. Your initial cost basis is the same as the appraised value on the date of inheritance.
If you have held onto the property for some time, and there is some appreciation to consider, then your tax liability will depend upon the answers to the clarifying questions I posed above.
FYI, if you don't put at least one space after a period in your text, the system thinks you are trying to post a website URL. That's why you got "bleeped" text in your question.