Monday, August 15, 2011

How do we calculate any taxes owed on the sale of property that was inherited?

My siblings and me inherited a piece of rental property about two years ago. Since then we have established an LLC and may a go of being landlords. Instead of having the property appraised we went with the tax value, not giving it much thought. Now we are getting out of the rental business and selling the property for approximately $20,000 more than the tax value minus 2 years of depreciation. The gain will be split 3 ways. Any way for us to know how much we will be taxed on that gain?

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