selling a property

[bzlyons]

I took title to a property that a friend left me in her trust.  I actually had it less than a year and I sold it.  My question is do I pay taxes on the full amount of the sale price or what I actually received in the wire after amounts were taken for an assessment and a realtor..

[OCrawford · Accepted solution]

@bzlyons 

your base in the property would be the value at the person death the date of death then you would substract it from the sale price minus the selling expenses then you will get your profit. i would have some review the taxes before you file it. 

Inheriting valuable property such as a home, securities, bank accounts and retirement accounts from a deceased relative can be a major financial windfall. But converting inherited property such as a home into cash by selling it may require following a complicated and sometimes lengthy procedure. Taxes have to be considered, as do laws governing how to handle the wishes of joint beneficiaries should there be more than one. Special rules may also apply when someone inherits an asset such as a retirement account.