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Deductions & credits
Will I have to pay taxes on the proceeds of the sale?
Yes, most likely, depending upon the difference between the sales price (less selling expenses) and your basis in the property (most likely the fair market value at the time you inherited the property.)
Whether or not you actually owe any capital gain tax would be dependent upon your other taxable income and the amount of gain from the sale.
‎April 19, 2024
7:44 AM