My dad passed away and we sold his condo. Do we have to pay taxes on the sale?

[JohnB5677]

Generally no, but there are some qualifying conditions.

The Fair Market Value (FMV) of the property is determined at the date of your Dad's passing.

• You should get an appraiser to determine the value of the home on that date
• If you and the other heirs held the home for a long time, its value may have changed significantly
  • If it goes up, you have a capital gain.
  • If it goes down you do not get a loss.  You will adjust the FMV down to the selling price.

See TurboTax: Where to post the Schedule D?