Legal Question in Tax Law in Illinois

Capital Gains Tax on Inheritance

My grandfather died in 1982 and left me a piece of property. I just sold the property. Do I have to pay capital gains tax on property that was an inheritance?


Asked on 8/04/01, 4:00 am

1 Answer from Attorneys
Gregg A. Garofalo Deutsch, Levy & Engel, Chtd.

Re: Capital Gains Tax on Inheritance

Yes you do. The tax liability is calculated by taking the sales price less the fair market value of the property at the time your received it multiplied by the long-term capital gains tax.

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Answered on 8/06/01, 7:28 pm


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