Simple question on this topic...
If I sell my share of an inherited property to a sister at half the FMV established by an appraisal, what do I need to plan to pay for capital gains taxes, if anything? It sold at FMV or below the appraised FMV?
Since its an inherited property, do any taxes apply?
Thank you.
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See responses to the other thread you started.
Note that your basis for the transaction will be the fair market value on the date of death of the person from whom you inherited the property.
Hi @jeanettemcmurtry ,
You should view this as two transactions.
Here is a good IRS link as to the sale of inherited property:
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