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Marvin,EA
Marvin,EA, Enrolled Agent
Category: Tax
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Experience:  Enrolled to Represent Taxpayers Before The IRS
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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

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