What is my tax liability on the sale of property from an inheritance?
December 3rd, 2011 by admin
My wife and I live in Texas. My wife’s father died in April 2006. His estate was left to my wife and two siblings. The proceeds are divided evenly. He owned some land in Oregon that was sold last month. The beneficiaries were listed as the sellers of the property. It was not listed as my father-in-law’s property, nor was it listed as belonging to his estate. Her share of the sale was just over $10,500. What is our federal tax liability on the sale of the house? What is our tax liability with Oregon, if any?
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