1) If the property is held for at least a year it will entitle you to long term capital gains rates. (LTCG)
2) Yes - IRS taxes (LTCG). See below link for capital gain rates
Capital Gain Rates
3 Supporting documentation - Value of the property at time of decedent's date of death (condolences) and sales contract at date of sale, supporting sales price and closing costs
4) Turbo tax Premier module will accommodate sale of inherited property and generate all necessary forms.
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