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Personal Finance and Investing

(11,746 posts)

1. Capital gain tax and ordinary income tax on any recaptured depreciation

Sat May 16, 2020, 12:25 PM

May 2020

Your tax cost basis will be purchase price, or stepped up market value on inheritance, plus any improvements minus depreciation.

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9 replies

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I have a question on Real Estate sales and tax implications. [View all] OAITW r.2.0 May 2020 OP

Your lower income may give you lower rates Cary May 2020 #3

Good info, thanks! OAITW r.2.0 May 2020 #4

Ideally, you had the property appraised when you inherited it. 3Hotdogs May 2020 #5

Keep in mind that whatever money you realize, PoindexterOglethorpe May 2020 #6

We know that... OAITW r.2.0 May 2020 #7

One can exclude $250,000 (single) or $500,000 (MFJ) progree May 2020 #8

Not unless it is a primary residence Cary May 2020 #9