Inherited property

[TaxQuestions60]

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.

[Anonymous_]

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).

[TaxQuestions60]

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

[Anonymous_]

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

[TaxQuestions60]

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

[Anonymous_]

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.

[TaxQuestions60]

Thank you very much for the help.