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Uncle Sam Stealing |
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My mother passed and my three sisters and I have sold the house for $415,000. We paid the realstate agent 5% and paid $12,000 in points for the buyer. Now I'm wondering how much Uncle Sam is going to steal from our inheritance. |
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Not a bit, I'm happy to report. When you inherited the property, you received along with it a new "stepped-up" cost basis, value at the time of death. Unless you sold for a lot more thaln that -- more than the amount you spent in selling costs -- you don't have any taxable profit.
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Originally published on June 4, 2008 |
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