PatriciaV
Expert Alumni

Get your taxes done using TurboTax

Has the title to the property been transferred to you. If so, why would the estate sell the home that belongs to you? 

 

It is true that the sale of an inherited home may result in a taxable gain if the home increased in value between the time you inherited it and the date it was sold. Your cost basis in the home is the fair market value on the date of death. Subtract that from the selling price (less selling costs) to calculate the gain.

 

You can pay estimated taxes from the sales proceeds if you wish. The real estate agent or title company for the sale should be able to help you with that.

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