ErnieS0
Expert Alumni

Deductions & credits

Yes. File a nonresident Georgia income tax return to report the sale of inherited property.

 

You will get back any withholding left over after tax. The value of inherited property is the fair market value on date of debt so your gain or loss will be the difference of what you sold it for and what it was worth when you inherited it.

 

Is money received from the sale of inherited property considered taxable income?

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