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My sister and i inherited my moms house when she passed 3years ago. If we sell the property for under the appraised amount, do we owe taxes on that?

The home appraised for 160k. Would likely sell it to a relative for 125k. She nor i have lived in the home since we were kids. We each have our own residence
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2 Replies

My sister and i inherited my moms house when she passed 3years ago. If we sell the property for under the appraised amount, do we owe taxes on that?

 You need to know what the appraised value would have been on the date of your mothers death, not the current appraised value. Then, if you sell for more than the value on the date of your mothers death, you owe capital gains tax on the difference. If you sell less than the value from the date of your mothers death, then you don't have a game, and you don't owe tax.

My sister and i inherited my moms house when she passed 3years ago. If we sell the property for under the appraised amount, do we owe taxes on that?

If you sell it to a family member at  a loss then you cannot deduct the loss.
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