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About Tax Map
IRS Tax Map 2008
Current IRS Tax Map

Frequently Asked Tax Questions

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


Rev. date: 1/2010


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: