Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

Lane. We had a conversation back in July about the potential…

Hi Lane. We had a...
Hi Lane. We had a conversation back in July about the potential tax ramifications of the sale of an inherited property. You were extremely helpful and thorough. I’m not sure if that transcript is attached to this new request, but I was wondering if it would be possible to ask some follow up questions on the same subject at your convenience (provided that you have access to that last transcript). Ahead of tax time. Thank you! *****
Show More
Show Less
Ask Your Own Tax Question
Answered in 16 minutes by:
3/18/2018
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,980
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

Certainly Shawn.

...

I DON'T have the history here ... maybe you could bring me up to speed and ask your follow-ups?

Ask Your Own Tax Question
Customer reply replied 1 month ago
Hi Lane! Ok. It was lengthy. Is there a way that I can link you to it or email it? I have the entire thing in my email. And it might be tomorrow before I can type up my follow questions. You got back to me so fast and I’m putting the kids to bed. Lol.Shawn

OK I just searched under you screen name ... I have the other question now.

...

Ask Your Own Tax Question

Ask your follow-up whenever it's convenient (I'll get the alert)

Ask Your Own Tax Question
Customer reply replied 1 month ago
https://my-secure.justanswer.com/question/index/be3293c79f99418c98de53f282c320d7?al=1&utm_source=mar&utm_medium=email&utm_content=viewa_bu&utm_campaign=expert_fu_ppq_no_up_a&r=nme%7Cexpert_fu_ppq_no_up_a%7CDM31853%7Cln=viewa_bu&rpt=1020

Yep I have it now ... just let me know what your questions are ... when you can

Ask Your Own Tax Question
Customer reply replied 1 month ago
Thanks so much! Will do asap!

I'll be here

Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,980
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified
Lane and 87 other Tax Specialists are ready to help you
Ask your own question now
Customer reply replied 3 days ago
Hi Lane. I'm not sure if this conversation in still live or not - sorry for the delayed response. Brief synopsis of our previous conversations:
- Sold a property in 2017 that was given to me by my Grandmother after my Grandfather passed away. It wasn't a direct inheritance because his will wasn't up to date, but she signed the property over to me (for $10) to honor my grandfather's wishes. You and I had discussed the tax implications here.
Anyway, I filed for an extension on my taxes because I wasn't sure how, or with whom, I should file them. I usually use "Turbo Tax" because my taxes are usually simple, but the sale of the property makes it a little more complicated I suppose. Anyway, do you have a recommendation outside of "Turbo Tax" on how to file these properly? I'm timid of using Turbo Tax because I'm not sure if they could handle it properly. I don't suppose that I could hire you? Or someone like you?Thanks,
Shawn (###) ###-####

Left you a message Shawn

Lane

Ask Your Own Tax Question
Was this answer helpful?
Ask Lane Your Own Question
Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,980
13,980 Satisfied Customers
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

Lane is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,451 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

56 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,124 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
On property inherited in July 2015, if sold, how much tax
On property inherited in July 2015, if sold, how much tax will be owed. … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
Acquired property via inheritance in 2013 (not primary
Acquired property via inheritance in 2013 (not primary residence). It was appraised for $65,000 then and sold in 2017 for $60,000. In completing Form 8949 I end up with a - $0.00- amount in Column (h)… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
If I sale property that I inherited over 23 years ago what
If I sale property that I inherited over 23 years ago what taxes will I have to pay after the sale of that property. It is located in Washington State … read more
Dr Arthur Rubin
Dr Arthur Rubin
Doctoral Degree
24 satisfied customers
I sold an inherited property where does turbo tax file the
I sold an inherited property where does turbo tax file the information . do not see it … read more
Lane
Lane
JD, CFP, MBA, CRPS
13,980 satisfied customers
Your website indicated state inheritance taxes are
Your website indicated state inheritance taxes are deductible on Form 1040 Schedule A. Can you provide documentation of this? … read more
abci168
abci168
Principal
27 satisfied customers
Trying to determine if New Jersey inheritance taxes paid by
Thanks. Trying to determine if New Jersey inheritance taxes paid by a trust are deductible on the Federal 1041 … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,906 satisfied customers
I inherited a property in 2006 but did not start renting
I inherited a property in 2006 but did not start renting until 2014. For depreciation purposes, do I use the value appraised for estate in 2006 or the fair mkt value for 2014: … read more
Dr Arthur Rubin
Dr Arthur Rubin
Doctoral Degree
24 satisfied customers
Inheritance - Valuation Question: Client inherits 50% of 2.5
Inheritance - Valuation Question: Client inherits 50% of 2.5 acre parcel previously used as rental activity. Client also inherits 50% of 40 acre. The other 50% owner of both is Client's father. The 2.… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Tax?? Client inherited his brother's house in Maryland and
Tax?? Client inherited his brother's house in Maryland and sold it. He lives in NC and received a 1099-S What forms do I use to show the $$ is from a death benefit … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,906 satisfied customers
My siblings and I sold some inherited property this year and
My siblings and I sold some inherited property this year and are not sure how to report it. It was in deplorable condition in 2011 when Dad passed and after several years of hauling away trash and cle… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,026 satisfied customers
What are the irs tax es on inherited estates in the state of
What are the irs tax es on inherited estates in the state of Ohio? My question is If I sold a property I inherited and received a total of 275,000.00 for my share of the property would I be subject to… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,906 satisfied customers
Inherited land/property - term loss or? Several moving
Inherited land/property - long term loss or? Several moving parts: Taxpayer inherited, along with her elderly father, a 40-acre plot with structures not used for rental activities and a 2.5 acre plot … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
If a property is inherited and the inheritor has and still
If a property is inherited and the inheritor has and still intends to live in said property, does the capital gains tax still apply? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,906 satisfied customers
Inherited property was sold in California with my four
Inherited property was sold in California with my four siblings. I live in GA. I received a 1099-S for my portion of the sale. I also had to pay Mandatory Real Estate Withholding to the CA Franchise B… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
916 satisfied customers
I inherited rental property on the date of my father's
I inherited rental property on the date of my father's passing on 12.14.14. He did not have an estate, but did file a 1041 the year after his death. This was his only asset he owned at the time of his… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,906 satisfied customers
In regard to inherited property, does the beneficiary HAVE
In regard to inherited property, does the beneficiary HAVE to use the stepped up basis or can the decedent's basis be used instead? What if you cannot determine what the basis would have been at the t… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,906 satisfied customers
Sold an inherited property in Maine.split proceeds with 4
Sold an inherited property in Maine.split proceeds with 4 brothers and sisters in Ohio. No capitol gains.have not told husband about money. Do i have to file anything on our joint tax return … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,906 satisfied customers
If an individual inherits areal property that has been
If an individual inherits areal property that has been depreciated down can they start appreciating it again … read more
Richard
Richard
Tax Attorney
Doctoral Degree
4,451 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x