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FfxStationHokie

Joined: 02/20/2002 Posts: 33426
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Anyone sold inherited land? (inside)


We are close to selling some land (in NC) that has been in the family for a very long time (100+years). Since it is so old I assume the basis is negligible.

My chunk is in my mom's name (now deceased) so technically my chunk is inherited. Given that it is inherited I would assume I'd only pay taxes on value increase (if any) from her death to sell?

Also, trying to estimate take home cut - safe to assume 10% off the top for commission and closing costs? Net 90%?


Posted: 07/01/2021 at 10:04AM


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Current Thread:
 
  Anyone sold inherited land? (inside) -- FfxStationHokie 07/01/2021 10:04AM
  Where is this land you speak of? ** -- HokieForever 07/01/2021 7:02PM
  This could be interesting. How was the land held? Is your interest in a -- Hokebury 07/01/2021 12:00PM
  Hope your selling timber first -- VaTechie 07/01/2021 11:16AM
  Different property ** -- FfxStationHokie 07/01/2021 11:19AM
  Ahh, got ya ** -- VaTechie 07/01/2021 11:20AM
  If you sell it to a real estate developer I will come after you. ** -- PhotoHokieNC 07/01/2021 10:50AM
  You do not pay capital gains on inherited property. -- HokieJay 07/01/2021 10:38AM
  Not the estate his question is about his basis in the inherited -- fordham 07/01/2021 3:13PM
  Yup, I see that now, thanks. -- HokieJay 07/01/2021 4:07PM
  If land increased after Mom died, he does owe a little bit -- VaTechie 07/01/2021 11:14AM
  If agricultural land make sure to educate yourself on the roll back tax law -- VTtwins 07/01/2021 10:35AM
  You would get a step up basis on transfer if inherited ** -- bigbadbird 07/01/2021 10:28AM

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