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can you answer how we handle taxes for us four kids that inhereted

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a 58K house in johnson...
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
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1/2/2012
Tax Professional: Richard, Tax Attorney replied 5 years ago
Richard
Richard, Tax Attorney
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Satisfied Customers: 55,878
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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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Please be aware that the information provided here is not legal advice. Rather it is simply general information. All states have intricacies in their laws and any information given is simply information only and specifically is not intended to be, nor does it constitute, legal advice. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

 

Richard
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Customer reply 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.
Tax Professional: Richard, Tax Attorney replied 5 years ago

No...you 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.

 

 

Richard
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