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What happens if I sell property that I have inherited?

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Summary:

The sale of such property is usually considered the sale of a capital asset and may be subject to capital gains (or loss) treatment.

Answer:

The sale of such property is usually considered the sale of a capital asset and may be subject to capital gains (or loss) treatment. However, IRC ยง1014 provides that the basis of property acquired from a decedent is its fair market value at the date of death, so there is usually little or no gain to account for if the sale occurs soon after the date of death. (Remember, the rules are different for determining the basis of property received as a lifetime gift). Refer to Gift Tax FAQ.

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