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Richard, Tax Attorney
Category: Tax
Satisfied Customers: 53675
Experience:  29 years of experience as a tax, real estate, and business attorney.
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As an US taxpayer I received from my mother upon her death,

Resolved Question:

As an US taxpayer I received from my mother upon her death, as a donation to me an house in Mexico City, which after I was finally able to put in my name have put on the market to sell.
Will the proceeds of this sale be considered a gift and therefor not taxable?

I live in Texas.
Submitted: 4 years ago.
Category: Tax
Expert:  Richard replied 4 years ago.

Good afternoon. The house will be considered an inheritance....and there is no inheritance tax in Texas so you won't pay a tax in Texas and the recipient of money from an estate does not pay Federal estate tax. And, since the property's basis gets increased to its fair market value at death, there will be no gain on the sale. So, this will not be taxable to you.



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