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My brother and I inherited our dads house in April 2013,

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appraised at 300,000 for the...
My brother and I inherited our dads house in April 2013, appraised at 300,000 for the trust at the time...We sold the house for $410,000 in June of 2015. Do we pay state or federal taxes on this???!
Submitted: 2 years ago.Category: Tax
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2/22/2016
Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,387
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello

The fair market value of the property on the date your father passed does set the basis or cost. You would owe tax on any gain above that value.

If the FMV was $300k and you sold for $410k then the gain is $110K. Both CA and federal would require tax on the $110K.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years ago

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