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I live in North Carolina and will be inheriting a mobile…

I live in North...

I live in North Carolina and will be inheriting a mobile home in California which I will then have to sell for 50k. What will my state and federal tax liability be?

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Answered in 1 minute by:
3/7/2018
Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,276
Experience: Adjunct Professor
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Hey! I'm Carter, I'm a CPA and can help you with this.

Most likely nothing. When you inherit the property it steps up basis to fair market value on the date of death. If you sell it closely to the date of death, that usually establishes that is what the fair market value is. So your sales price will equal your basis and no gain or loss is recorded.

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Customer reply replied 4 months ago
Thank you. Great relief.

No problem. Let me know if you need anything else. If not, please leave a rating. Thanks!

Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,276
Experience: Adjunct Professor
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