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jgordosea, Enrolled Agent
Category: Tax
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Experience:  I've prepared all types of taxes since 1987.
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My husband sold his fathers house after his dad ...

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My husband sold his father's house after his dad passed away. The property is in florida. How much if any of the sale do we pay taxes on? In between selling the house and the closing, we moved to NY.
Submitted: 6 years ago.
Category: Tax
Expert:  jgordosea replied 6 years ago.

Greetings,

Sorry to hear of your loss. Probably there is no gain to pay any tax on.

A beneficiary uses the value of the property at the date of death to figure gain or loss on the sale. After deducting the closing costs from the sale price there would be no gain when the date of sale is close to the date of death (unless something happened to make the property increase in value quickly.).

I hope this helps for figuring your gain on inherited property.

Best wishes.

jgordosea, Enrolled Agent
Category: Tax
Satisfied Customers: 3035
Experience: I've prepared all types of taxes since 1987.
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