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Level 1
November 16, 2022
Solved

Am I taxed on sale of home I inherited

  • November 16, 2022
  • 1 reply
  • 19 views
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    Best answer by Anonymous_

    Any tax liability you would have would be based upon the difference between the sales price (less selling expenses) and your basis in the home.

     

    Your basis in the home would be the fair market value on the date of death of the decedent (the person from whom you acquired the home). 

    1 reply

    Level 15
    November 16, 2022

    Any tax liability you would have would be based upon the difference between the sales price (less selling expenses) and your basis in the home.

     

    Your basis in the home would be the fair market value on the date of death of the decedent (the person from whom you acquired the home).