topic Inherited property in Get your taxes done using TurboTax

Inherited property

TaxQuestions60 — Tue, 24 Feb 2026 07:37:34 GMT

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.

Re: Inherited property

Anonymous_ — Wed, 25 Oct 2023 16:36:38 GMT

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).

Re: Inherited property

TaxQuestions60 — Wed, 25 Oct 2023 16:51:54 GMT

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

Re: Inherited property

Anonymous_ — Wed, 25 Oct 2023 16:53:24 GMT

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

Re: Inherited property

TaxQuestions60 — Wed, 25 Oct 2023 16:57:02 GMT

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

Re: Inherited property

Anonymous_ — Wed, 25 Oct 2023 16:59:26 GMT

You can contact a local real estate broker to provide you with a CMA (market analysis) since her passing was so recent.

I am sorry for your loss.

Re: Inherited property

TaxQuestions60 — Wed, 25 Oct 2023 17:01:56 GMT

Thank you very much for the help.