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Selling Inherited Home

by TaxMama on August 31, 2010

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Today TaxMama hears from Jami from California in the TaxQuips Forum, who has this question.  “My aunt left me her condo and I have to sell it. The deed passed to me a week after I turned 55. Will the 55 & over real estate rule apply to me when I file my tax return?”

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Inheriting vs Gifting

August 12, 2010

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Today TaxMama hears from Terri in the TaxQuips Forum, with an delightful problem to have.  “What is the best way to reduce the tax consequences of inheriting land? The person inheriting the land is not related to the owner.  He could possibly marry her if that would help matters. The land was inherited and has very low [...]

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Kids with No Credit

August 4, 2010

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Today TaxMama hears from Taylor in the TaxQuips Forum, with a common dilemma.  “My clients just moved back from Australia. They don’t have any credit established in USA.  I recommended that Mom purchase the home with the mortgage loan will be in her name only.  She can add the kids to the title.  The kids [...]

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Tax on Inheritance

December 22, 2009

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Today TaxMama hears from Joan in Minnesota, who asks. “How much money can you inherit in Minnesota without paying taxes on it? And if you do need to pay, what is the %?”

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Lakefront Property

December 1, 2009

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Today TaxMama hears from Carol in New York who tells us. “ I inherited lakefront property in 1999. I recently sold it for $60,000.00 and I am holding the mortgage with payments being made of $600.00/month. Do I have to report the sale; and how will taxes be calculated?”

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Sale of Inherited Home

November 5, 2009

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Today TaxMama hears from Dottie in Massachusetts with this question. “Does the maximum personal residence exclusion apply to someone who inherited a home, had it for 370 days, sold it for a long-term capital gain and received a K-1? He and his dad had lived in the home for 10 yrs previously.”

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Coin Collection

June 2, 2009

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Today TaxMama hears from Tarquin in New Orleans, with this problem. “I inherited a coin collection. The estimated basis I got was $70,000. But the collection sold for $90,000 a few months later. I calculate that I now owe $5,600 in capital gains taxes. But I know that coin prices have been falling. [...]

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Rental Property

December 8, 2008

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Today TaxMama hears from Sue in Nevada with a couple of questions. “I inherited rental property and must prepare for the 2008 tax return. Do I use fair market value as the cost basis in figuring the depreciation? Also, how do I calculate depreciation?”

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Inherited House

March 11, 2008

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Today TaxMama hears from Don in Texas who tells us, “My brother and I inherited a house in 2004 from my aunt. Neither of us have ever lived in the house, nor have we rented it out. We sold the house in 2007 for $10K less that the FMV upon the death of [...]

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Inherited Property

February 27, 2008

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Today TaxMama hears from Bobbi in Nevada who asks, “If I sell property that I inherited, such as excavation equipment for scrap steel, do I have to be concerned with capital gains?”

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