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Estate taxes

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J

Jaca

Guest
What is the name of your state? I live in Texas. I inherited property in Louisiana about 10 years ago that I just sold. The property sold for $71,000 . I had borrowed $40,000 on the property that was paid with the $$ from the sale. Do I owe tax on this or should all taxes have been paid when the will was probated? This was the only thing of value in the will.
 


ALawyer

Senior Member
There is no Federal estate tax, but there may be capital gains tax due on the gain between the value of the property at the date of death and the sales price. Get an accountant to help - and any improvements you made increase the tax basis.
 

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