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Tax Information With A Mother's Touch
Published by Eva Rosenberg, MBA, EA
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Tax Information With A Mother's Touch Published by Eva Rosenberg, MBA, EA |
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» From: Rockport, TX Dear TaxMama: I inherited a condominium from my parents several years ago. I am now wanting to sell it. What are my tax obligations, considerations regarding the sale of this inherited property? Harvey  If you lived in the condo, most likely, you'll have no taxes due. You don't have to pay taxes on the first $250,000 of profit on the sale of your residence ($500,000 if you're married). If you didn't live in it, but just held on it, you may not have too much of a tax. The good news is, your tax cost (basis) for the condo is the value at the date of your parent's death (the last parent to die). So, the basic profits shouldn't be very much. However, if you rented it out...well, you'll have some slightly complicated tax issues, including things like depreciation. Then, you'll want the help of a competent tax pro to report the sale. Do some planning. If you do find yourself owing taxes, there are things you can do before you sell it. You may want to sit down with someone who understands real estate tax issues and maximize the money you get to keep. Gee, and this was going to be a simple, quickie answer. Sorry. When it comes to taxes, nothing is cut and dried. Best wishes, Eva Rosenberg Your TaxMama  |
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| Library of Congress - ISSN 1532-0790 Copyright © 2000-2003 - Eva Rosenberg |
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