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tommygorman14
February 12, 2025
Question

My dad passed away and we sold his condo. Do we have to pay taxes on the sale?

  • February 12, 2025
  • 1 reply
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    1 reply

    JohnB5677
    JohnB5677
    February 12, 2025

    Generally no, but there are some qualifying conditions.

     

    The Fair Market Value (FMV) of the property is determined at the date of your Dad's passing.

    • You should get an appraiser to determine the value of the home on that date
    • If you and the other heirs held the home for a long time, its value may have changed significantly
      • If it goes up, you have a capital gain.
      • If it goes down you do not get a loss.  You will adjust the FMV down to the selling price.

    See TurboTax: Where to post the Schedule D?

     

     

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