Will I have capital gains issues if I sell an inherited house for more than cost basis at decedent's death?
I understand that the cost basis for inherited property is the FMV at date of death of decedent and NOT her original purchase price, but is there any further tax implications on 1) income from the sell of the house, and 2) if house sells for greater than FMV?
Tags: cost basis, decedent, fmv, tax implications
June 15th, 2010 at 9:39 pm
If the property is sold for more than the cost basis then there would be Capital Gains Tax due on the profit. However, if the property has become your principal residence, Capital Gains may not apply.
Do yourself a favor and see a CPA to be certain.
June 15th, 2010 at 9:39 pm
Only an accountant can tell you this.