Have a Tax Question? Ask a Tax Expert
Hi, my name is Mark. I will be happy to help you with your questions. Usually there is a step up in basis at the time of death. Was the property sold shortly after the individual's death?
Wow that is a long time. How was the property owned before it was transferred to the estate?
Do you know what the adjusted basis in the property is? This would determine the amount of gain on the sale?