Tax consequences of an asset from a contested estate?

[boilershop]

I contested a will in the State of Massachusetts, of a parent who left me a piece of property, then changed their mind. I was successful in my effort and won back the property, subject to a life estate. The life estate has expired and the property is now mine. I'm selling the property and want to know what the tax consequences will be for the sale. Do I owe taxes on the proceeds, and if so, what rate will I be taxed at? (capital gains, etc.)

 

[loku]

Sale of inherited property

The sale is taxable. The gain is the excess of the sale price over your basis in the property. Your basis is the fair market value of the property at the date of death (or if there was an alternative date for estate tax purposes, at the alternative date). The gain is long-term capital gain because your holding period includes the time the property was held by your parent (see IRS Secs. 1014, and 1223(11))