Texas  |  Wills and Trusts

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4/09/03, 2:21 pm

Legal Question

Are Capital Gains Taxes Due on Inheritance?

As executrix of my father-in-laws will, my mother-in-law sold the ranch land, and gave each of their 4 children the checks for their portion of the sale. We received the form 1099-s showing income for the sale. Do we have to pay capital gains tax on this, or is it considered part of the inheritance? We don't own any inheritance taxes. I'm trying to do our taxes by April 15th and I can't find an answer. Thanks so much!


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