Solved
Do I owe capital gains if....
I live in Texas and inherited land in Missouri, then sold that land do i owe any capital gains or any form of taxes'
? Thank you in advance for any help.
Expert Reviewed
The capital gains is the difference between the selling price and the value of the land on the day of the decedent's death. You would have to report that gain on your federal tax return and also file a MO non-resident tax return and pay any taxes due to that state. If there was a loss, that can be reported on your federal return.
