Taxation of sale of inherited property?
I need some legal advice on taxation of the sale of inherited real estate in Connecticut. Is it more efficient to leave the title in the estate or transfer the deed and title of the property to the executor or heir? Is sale of inherited property treated as capital gain if so what is the basis.
Taxation best answer:
Answer by Spock (rhp)
the basis for inherited property is the value on the date of death of the deceased, or on the optional valuation date which is exactly six months later.
Capital gains tax applies only to the extent the net proceeds exceed the basis.
It is simper to sell it out of the estate. You'll need to alert the closing agent in advance to make sure the correct paperwork is prepared to prove that the Executor has the power to sell the property for the estate.
GL
Taxation
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