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Old 02-27-2005, 11:01 AM
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Join Date: Feb 2005
Posts: 2

Inheritance

What is the name of your state? Florida
I inherited a house from my aunt free & clear (homestead).
When i sale it will i have to pay any federal income tax or capital gains
taxes ??? Property value around $150,000.
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Old 02-27-2005, 11:09 AM
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Join Date: Feb 2005
Posts: 8
TN

Your cost basis will be the appraised value at time of death. If the property appraised at 150,000, and you sell it for 150,000; then it will be a wash and you will not pay any capital gains. Anything over the 150,000 will be considered capital gains.
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