How much should we save back for the capital gains tax on an inherited property?
My brother and I were just released from probate in April 2023. We are now in the process of selling our parents' home and have an offer for $78,500. The county last appraised the property at $43,400. We have a few questions regarding the capital gains tax for inherited property. 1) How much money should we save back to cover the capital gains tax? 2) WIll we each be taxed for the amount we receive individually (i.e. half of the sale) or for the entirety of the amount? 3) If one of us received the entirety of the check and then disbursed the funds to the other, would the one who received the check be responsible for all of the capital gains tax at that point? Thank you for your time and help.
This Question Has Not Yet Been Answered.
