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stephn399
Returning Member

Sale of inherited car

I inherited a vehicle from my mother when she passed away in October 2019. I was able to sell the vehicle right before the end of the year for its current average market value. Do I need to include the sale of the vehicle as income on my tax return?

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Accepted Solutions
tagteam
Level 15

Sale of inherited car


@stephn399 wrote:

...Do I need to include the sale of the vehicle as income on my tax return?


You do not need to include the proceeds from the sale unless the proceeds were greater than the fair market value of the vehicle on the date of your mother's death (which is rather unlikely).

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1 Reply
tagteam
Level 15

Sale of inherited car


@stephn399 wrote:

...Do I need to include the sale of the vehicle as income on my tax return?


You do not need to include the proceeds from the sale unless the proceeds were greater than the fair market value of the vehicle on the date of your mother's death (which is rather unlikely).

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