Welcome Guest. Register Now!  

LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 11-15-2014, 03:54 PM
Junior Member
Join Date: Nov 2014
Posts: 2
Capital Gains on Inherited Property

Hi Everyone,

I inherited a property Sept. 2013 as a Transfer on Death Deed from my mother in Oregon. The place was not in great shape but I managed to get it up to speed for sale. There were liens and claims against the property from creditors and the only way to sell it was to create a small estate affidavit to pay everyone out of the sale. The total costs on the property liens, everything were $172K and I sold it Oct. 2014 at 189K. I received a check from the title company for 17K.

So about a year from inheritance to sold...17K was left after creditors, expenses...and the IRS sends me a Proceeds from Real Estate Transactions 1099-S with $189K under gross proceeds? Hardly..I wish LOL.

I understand that as long as the property was valued at $189K or above ( I don't know how to go back to that date anyway for proof) to at the time of inheriting it Sept 2013,that I won't be hit with taxes. Or is there something else I can do that I haven't thought of?

Appreciate your time!



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
Capital Gains Tax on Gifted Property Jeremy Caldwell Ohio Capital Gains 5 02-06-2014 04:06 PM
Inherited Jewelry - How to Calculate Capital Gains aherron Capital Gains 2 03-06-2012 07:32 AM
capital gains on a rental property conkey Capital Gains 1 02-07-2012 03:47 AM
US capital gains tax on sale of foreign inherited property jkoshi Capital Gains 6 01-24-2012 04:51 AM
Capital gain on inherited property gbayes Capital Gains 1 04-11-2010 10:20 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 » Income
 » IRA/Sep
 » Medical
 » Payroll
Forum for CPAs
Financial Planning