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Level 1
January 26, 2022
Question

Inherited property

  • January 26, 2022
  • 1 reply
  • 2 views

I was 1/3 beneficiary to my mothers condo when she passed July 2021.  It was sold below appraised value for cash September 2021.  Do I pay capital gains tax (NH)?   What documents do I need to file with my taxes?

    1 reply

    ColeenD3
    Level 15
    January 26, 2022

    You would pay tax on your 1/3 of the gain if any. Enter the sale information in the Investment section, as a second home.

     

    Your basis is the Fair Market Value on the date of your mother's death.