Let me add to the above, be sure to obtain an appriasal of a property you inherited, if there was a probate that should have been done by the executor of the estate (get a copy) or hire a bonified appraiser to do an appraisal (not a RE comp) to document the actual value; yes it will cost a few bucks but it will hold up in an IRS audit if you have to report capital gains because you sold it for more than the value at the time of inheritance. This in no way pertains to or eliminates the inheritance tax; that is another subject all together.
