Legal Question in Real Estate Law in Oregon
selling of foriegn real estate
I inherited a property in the U.S.A. , the property title was changed to joint ownership including my name prior to the death of my relative. What would the initial value be based on for tax purposes, when I sell?
Asked on 5/02/07, 10:47 am
1 Answer from Attorneys
Susan Burns
Law Office of Susan Ford Burns
Re: selling of foriegn real estate
Because you were put into title before the death of your relative, your tax basis in the property would be that of the relative plus the costs of fixing up and selling the property. The difference between your basis and the selling amount is taxable income.
Had you inherited the property through a will, your basis would step up to the value of the property at the time of the relative's death.
Answered on 5/02/07, 12:57 pm
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