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Frequently Asked Tax Questions

Interest/Dividends/Other Types of Income - Gifts & Inheritances


Rev. date: 1/2009

Is the money received from the sale of inherited property considered taxable income?


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To determine if the sale of inherited property is taxable, you must first determine your basis in the property. The basis of inherited property is generally one of the following:
If you or your spouse gave the property to the decedent within one year before the decedent's death, see Publication 551, Basis of Assets.
Report the sale on Form 1040, Schedule D (PDF), Capital Gain and Losses:
previous pagePrevious Page: Interest/Dividends/Other Types of Income > Employee Reimbursements, Form W-2, Wage Inquiries
next pageNext Page:  Interest/Dividends/Other Types of Income > Grants, Scholarships, Student Loans, Work Study
 Use previous pagenext page to find additional instances of index items.