Legal Question in Wills and Trusts in Arizona
Possible taxes on willed property
My father recently passed away and I am the beneficiary of his house. I am planning on selling the property but I am wondering what possible taxes I will have to pay on the sale (capital gains, etc...)?
Asked on 7/07/09, 10:40 pm
1 Answer from Attorneys
Donald Scher
Donald T. Scher & Associates, P.C.
Re: Possible taxes on willed property
You will have the same tax basis in the house as your father, so when you sell you will be taxed on the gain between the selling price and your dad's basis in the property. You should try to qualify for capital gains tax treatment, rather than regular income tax rates.
Answered on 7/07/09, 11:26 pm
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