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Financial Planning / Tax Strategies
|Subject: Re: inheritance of house - sale||Date: 1/12/2013 8:16 PM|
|Author: vkg||Number: 117345 of 121256|
the money these two receive is inheritance money and not taxable, right?
It not that easy. What is awhile?
The estate was below the amount required to file an estate return and pay inheritance tax, that much is easy.
The inherited value of the property was established at the time of death.
If awhile started before 2012, tax returns have been filed for the rental income and depreciated. Which means that the cost basis of the property was determine to file income.
There are a number of possibilities: recaptured depreciation, and capital gain or loss.
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