How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Marvin,EA Your Own Question
Marvin,EA, Enrolled Agent
Category: Tax
Satisfied Customers: 1672
Experience:  Enrolled to Represent Taxpayers Before The IRS
Type Your Tax Question Here...
Marvin,EA is online now
A new question is answered every 9 seconds

does Capital gains apply to real estate that was inherited,

Resolved Question:

does Capital gains apply to real estate that was inherited, (a house), when it is sold.
Submitted: 7 years ago.
Category: Tax
Expert:  Marvin,EA replied 7 years ago.

Hello and thank you for using Just Answer. Capital gain tax apply if there is a gain over the basis of inherited property when sold. The basis of property acquired from a decedent is generally the value placed on the property for federal estate tax purposes:

1 Fair market value on the date of the decedent's death


2 Fair market value on the alternate date if an estate tax return is filed and alternate valuation is elected

Marvin,EA and other Tax Specialists are ready to help you

Related Tax Questions