The house was built overseas by my father, who died and left it to me, I sold it, and now am wondering if the money i bring back to the states is taxable.
2007-05-23 09:03:42 · 3 answers · asked by Kmac311 1 in Business & Finance ➔ Taxes ➔ Other - Taxes
The estate of your father should have determined the value of the property through its court process. Inherited property normally is received by heirs at a stepped up basis equal to the fair market value at the time of receipt. If you sold for the same price as the stepped up basis there is not tax liability.
2007-05-23 18:51:09 · answer #1 · answered by William H 5 · 0⤊ 0⤋
If you are a US citizen or resident, yes any gain is taxable. And it doesn't matter whether or not you bring it back to the US - the income is taxable whether you bring the money here or not.
2007-05-23 10:37:55 · answer #2 · answered by Judy 7 · 2⤊ 1⤋
I would think it would be where you got the land. Call an attorney don't rely on us
2007-05-23 09:11:14 · answer #3 · answered by Anonymous · 0⤊ 2⤋