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My dad inherited some property and has sold it. What taxes

does he have to pay?...
My dad inherited some property and has sold it. What taxes does he have to pay?
Ask Your Own Tax Question
Answered in 5 minutes by:
10/28/2013
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 16,205
Experience: 15years with H & R Block. Divisional leader, Instructor
Verified

Robin D. :

Hello and thanks for trusting me to help you today. I am a tax adviser with over 15 years of experience.

Robin D. :

He will pay tax on any gain from the date he inherited till the property was sold.

Robin D. :

The tax will be based on the difference in the sale price and the fair market value on the date he inherited the property

Robin D. :

My goal is to give you excellent service. If you are satisfied, please rate me. If you have follow-up questions on this same topic, use the reply box below. To start a new conversation with me on a new topic request me again.

Customer:

So he has to pay taxes on the difference of what he actually received from the sale and the value of it?

Robin D. :

That is correct

Robin D. :

If it has not been very long since inherited he may see a loss (with today's market)

Robin D. :

He could use that loss against other gains and even $3000 of loss against income

Customer:

Does it matter what state?

Robin D. :

No, most do the same. What state though and I will check

Customer:

Texas

Robin D. :

Then there is no tax in Texas to pay on the sale. He will just include on his federal

Robin D. :

Texas does not have income tax

Customer:

ok and that would be how to do it on the federal side right?

Robin D. :

That is correct. He will show the sale on Schedule D

Customer:

does the property have to have been lived on or does it matter?

Robin D. :

No, if he had used it as his main home for 2 years then he could have used the exclusion up to $250,000 of gain. M<ost people find that with inherited they have a loss

Customer:

oh i see ok thanks so much

Robin D. :

You are most welcome.
Your positive rating is always thanks enough.

Robin D. :

I really enjoyed working with you – please feel free to request me again when you come back to ask another question.
You will find the request feature when you come back under your MY QUESTIONS section.

Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 16,205
Experience: 15years with H & R Block. Divisional leader, Instructor
Verified
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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 16,205
16,205 Satisfied Customers
Experience: 15years with H & R Block. Divisional leader, Instructor

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