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As an US taxpayer I received from my mother upon her death,

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as a donation to me...
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: 6 years ago.Category: Tax
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11/1/2011
Tax Professional: Richard, Tax Attorney replied 6 years ago
Richard
Richard, Tax Attorney
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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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