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Frequently Asked Questions: Gifts & Inheritances

Question:

I inherited property and now I’m selling it, will I pay income tax?

Answer:

It depends on the tax “basis” of the property.

For more information:

https://www.irs.gov/faqs/interest-dividends-other-types-of-income/gifts-inheritances/gifts-inheritances

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    The O’Connell & Crispin Ackal Centre
    120 N. U.S. Highway 1
    Tequesta, Florida 33469
    Phone: 561-355-0403
    Fax: 561-355-5133
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    Suite P-300
    West Palm Beach , Florida 33401
    Phone: 561-355-0403
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