Is 100% of the income taxable? I inherited shares in a land trust listed as a asset in a family members will. The property has sold and I was paid an amount per share.
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Is 100% of the income taxable? I inherited shares in a land trust listed as a asset in a family members will. The property has sold and I was paid an amount per share.
Is 100% of the income taxable? I inherited shares in a land trust listed as a asset in a family members will. The property has sold and I was paid an amount per share.
Only the profit is taxable as long term capital gains ... you need to know the fair market value as of the date of the inheritance for the Sch D.
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