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PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 4093
Experience:  35 years tax experience, including four years at a Big 4 firm.
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We sold a piece of land (to pay his debts) after my father

Customer Question

We sold a piece of land (to pay his debts) after my father passed away that we inherited from him, do we have to pay taxes on that sale, we live in Oklahoma
Submitted: 6 months ago.
Category: Tax
Expert:  PDtax replied 6 months ago.
Hi from Just Answer. I'mCustomer I'll assist. If you inherited the property, then sold it to pay estate debts, you will have received a step up in basis to its fair market value at date of death. Assuming you sold it shortly thereafter, you will not have a taxable gain on the sale. Thanks for asking at Just Answer. Please rate my response with positive feedback to close out your inquiry. I'mCustomer