2007-11-13 05:35:09 · 5 answers · asked by FooFoo says dis ees boolsheet! 5 in Business & Finance ➔ Taxes ➔ United States
Yes and no. It depends on exactly what this item IS. If a piece of personal property, like a coat, probably not. If it is a share of stock, then a definite yes. It has to do with the value of the item and what are called capital gains. If I buy a share of stock for $10 and sell it later for $20, I have just made $10 in income (capital gains) and the $10 is taxable according to IRS. You need a financial adviser to tell you what is what here. Capital gains and losses are complicated issues and only someone well versed in tax laws can advise you on this matter.
2007-11-13 06:07:36 · answer #1 · answered by rowlfe 7 · 1⤊ 0⤋
Yes, on the increase in value from when the person died that you inherited it from.
2007-11-13 13:40:15 · answer #2 · answered by Judy 7 · 1⤊ 0⤋
Yes I think you pay on any increase you receive of cash.
2007-11-13 19:29:28 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Yes-but only on the increase.
2007-11-13 13:42:26 · answer #4 · answered by ? 5 · 1⤊ 0⤋
I believe the purchaser is required to do that
2007-11-13 16:33:04 · answer #5 · answered by Anonymous · 0⤊ 0⤋