Is the money received from the sale of inherited property taxable???
my mother died, we sold her house, and received 48,667.46 (cash to seller). me and my sister both received a check for $24,333.73. do i pay tax on it? I read the thing on the FMV, fair market value.. but i don't understand it??? you would think the fair market value should have been at least 75,000, that is what we were asking for it originally, but gave up getting it, and finally ended up for selling it for way less $54,000. Do I have to pay taxes on that $24,333.73?"