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Richard, Tax Attorney
Category: Tax
Satisfied Customers: 55132
Experience:  29 years of experience as a tax, real estate, and business attorney.
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can you answer how we handle taxes for us four kids that inhereted

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can you answer how we handle taxes for us four kids that inhereted a 58K house in johnson county tx from our mother? not sold yet.
Submitted: 5 years ago.
Category: Tax
Expert:  Richard replied 5 years ago.

Good afternoon. There will be no taxes. There is no inheritance tax. And, the basis in the property was stepped up to its fair market value at death, so when you sell it there will be no gain and thus no tax then either.




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Customer: replied 5 years ago.
Are you telling me I will not have to pay income tax on my 1/4 of the sale price? do we need to file something on our tax return about this event?

It may take a year to sell it too as the renters want to buy it but cannot qualify now. Also trying to reduce the valuation for taxes as other houses in the area did not sell for that much should be 40K I think.
Expert:  Richard replied 5 years ago. will not have tax because the basis is increased at death to its fair market value. So, since you have no gain, you have no tax. You will need to report the sale, but unless you sell the property for more than the basis, you will have no gain.



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