Posted on: 17th Apr, 2010 06:52 am
I was made executrix of my brothers estate and also inherited property through his will. My lawyer had me as executrix sell the prperty to myself for condideration of a dollar. I was lead to beleive that this was how I could get my name on rhe deed. I then sold the prperty for $150,000.00. Do I have to pay a capotal gains tax? I live in MA. If I do have to pay a capital gains tax is there anyway to rectfy problem. My tax preparer calls this an inheritance.
Welcome Guest,
If the property was in your name and if you sold off the property and received profits from it, then you would be liable for capital gains taxes. I would suggest to have a word with your tax adviser and take his opinion in this regard.
If the property was in your name and if you sold off the property and received profits from it, then you would be liable for capital gains taxes. I would suggest to have a word with your tax adviser and take his opinion in this regard.