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In each instance of sale, you will pay capital gains tax to New York on the difference in your basis and selling price. Because you inherited the property, your basis would be the FMV (not the assessed value) of the property at the time of the death of the person from whom you inherited the property. The selling price is the agreed upon purchase price less closing costs, real estate commissions, etc.
For example, for the house and land transaction, if the FMV of that portion was $59,000 and you sold the house for $59,000, there would be no gain to pay tax on.
Same formula for the sale of the acreage.
Because you have the assessed value for each part that was inherited, it will not be difficult to prorate the percentage as it applies to each transaction. The basis of one transaction will not be used in the capital gains calculation for the other transaction.
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