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Level 2

Question

Inherited property

Forum|Forum|2 years ago
October 25, 2023
2 replies
0 views

I have inherited my Mother's condominium in Florida. I live in North Carolina. I plan to sell the condo and would like to understand how this will impact my taxes in the year it sells. Will there be capital gains tax and/or inheritance tax? Thank you.

Ask the Experts - Extension - Sept 2023

Level 15

No inheritance tax in either state.

Your basis will be the fair market value on the date of your mother's passing and that figure will be subtracted from your selling price to arrive at your net gain (or loss).

TaxQuestions60Author

Level 2

Thank you - can you tell me how the market value is determined as of the date of her death?

Level 15

The best evidence would be an appraisal by a certified real estate appraiser.

TaxQuestions60Author

Level 2

Is that something I have to do? She passed away Oct 6th and I don't live where the property is.