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lwpat, Attorney
Category: Business Law
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Experience:  Attorney with over 35 years of business experience.
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How do I report capital gains from the sale of a house I inherited

Resolved Question:

How do I report capital gains from the sale of a house I inherited freom my mother in India
Submitted: 5 years ago.
Category: Business Law
Expert:  lwpat replied 5 years ago.
Inheritances are normally not taxable in the US. You may owe some taxes in India, I can't speak to that.

Foreign inheritances are subject to estate taxes under the following conditions:

• The donor (the deceased person whose property you are inheriting) is a citizen or resident of the United States — in which case their entire world-wide estate is subject to U.S. estate taxes.

• The estate includes U.S. situs property (property located in the United States or issued in the United States in the case of stocks and similar assets) — in which case only the U.S. situs property is subject to estate taxes.

When the inherited money is transferred to a U.S. account, as long as it is reported properly, this money is not subject to estate tax unless one of the two conditions above apply.


Normally you would report it on Schedule D. Your cost basis for the property is the same as the selling price so your gain is zero.

Customer: replied 5 years ago.
mother was resident of India. So you are saying this is not taxed in the United States
Expert:  lwpat replied 5 years ago.
That is correct.
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