Posted on: 26th Dec, 2008 07:17 pm
this will be kind of long but i would appreciate any information that you could give me.
i live in north carolina and my father lived in florida. he owned a small peice of property with a mobile home on it. in may of 2006 we signed a quit claim deed, he wanted me to have the property when he passed away. in january 2008 he passed away and the property became mine. i sold the property in february 2008. now my question is what do i need to do now. i know that i have to pay taxes on the money that i recieved for the property. im just not sure how it works since i live in north carolina.
thank you
i live in north carolina and my father lived in florida. he owned a small peice of property with a mobile home on it. in may of 2006 we signed a quit claim deed, he wanted me to have the property when he passed away. in january 2008 he passed away and the property became mine. i sold the property in february 2008. now my question is what do i need to do now. i know that i have to pay taxes on the money that i recieved for the property. im just not sure how it works since i live in north carolina.
thank you
Hi Tbedell!
Welcome to forums!
As you sold off the property, you may have to pay Capital Gains Tax. It will be better if you can visit a tax adviser and he/she may help you knowing the exact amount you need to pay as taxes.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
As you sold off the property, you may have to pay Capital Gains Tax. It will be better if you can visit a tax adviser and he/she may help you knowing the exact amount you need to pay as taxes.
Feel free to ask if you have further queries.
Sussane