How am I taxed?
My father died and left me some property. I have an offer from someone to
buy the property. My question is.... Am I taxed on the value of the property when I received it or will I be taxed on the amount the property was sold?
--name removed-- --name removed--
Asked on 2/15/99, 3:25 pm
1 Answer from Attorneys
Arthur Geffen
Arthur H. Geffen, P.C.
Re: How am I taxed?
Your basis in the property is determined by how you acquired the property. If your father's will left you the property in question, then your basis is going to be the value of the property at the date of your father's death. Any gain or loss is measured from that value.
Arthur Geffen
Arthur H. Geffen, P.C.
1620 East Beltline Road
Answered on 2/16/99, 12:46 pm
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