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We sold a piece of land (to pay his debts) after my father

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passed away that we inherited...
We sold a piece of land (to pay his debts) after my father passed away that we inherited from him, do we have to pay taxes on that sale, we live in Oklahoma
Submitted: 1 year ago.Category: Tax
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Answered in 6 minutes by:
5/17/2016
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 1 year ago
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 4,774
Experience: 35 years tax experience, including four years at a Big 4 firm.
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Hi from Just Answer. I'mCustomer I'll assist. If you inherited the property, then sold it to pay estate debts, you will have received a step up in basis to its fair market value at date of death. Assuming you sold it shortly thereafter, you will not have a taxable gain on the sale. Thanks for asking at Just Answer. Please rate my response with positive feedback to close out your inquiry. I'mCustomer
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PDtax
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 4,774
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Experience: 35 years tax experience, including four years at a Big 4 firm.

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