Help Needed!!!!!

[Puebla7]

What is the name of your state? Pennsylvania

Help! I inherited a house 3 years ago. The entire estate was probated and inheritance tax was paid to the state of PA at a rate of 15%.

At the time the inheritance tax was submitted, the house had been appraised at $150,000.

The tax on this was paid as well as other assets.

Now I am selling the house for $250,000. The house is still in the name of the estate. I never transferred it over.

Do I have to pay back the state of PA additional money, i.e. the difference between what was originally submitted (based on $150,000) and the new selling price of $250,000?

OR does this simply have to be declared as a Capital Gains Tax on my Federal Income Tax statement? Or Both?

Help! I am VERY confused!

[Snipes5]

You don't get answered any faster by posting the same question over and over. It just irritates the natives.

You will owe capital gains on the difference between the value at death of the decedent, and the selling price, minus expenses of the sale.

What you will pay to PA is whatever the tax is on the PA return that you will have to file.

There is a lot of money at stake, hire a professional.

Snipes

[Puebla7]

Thank you AND sorry for my inpatience (as demonstrated by posting multiple threads of the same question).