RedNeckSPIKE
Level 1
03-10-2021
04:22 PM
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An inherited house in Puerto Rico was sold. Received a Form 480.6C. Since this was inheritance, does it have to be reported?
Acquired January 2011. It is shared with siblings. About 120,000.00. split three ways.
Sold last year. Got about $36,500.00 with almost $5,500.00 withheld.
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sjrcpa
Level 15
03-10-2021
04:54 PM
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Yes it needs to be reported.
Inheriting the property wasn't a taxable event.
But gain on the sale of such property is a taxable event.
Gain = sale price minus selling expenses minus basis (date of death value plus any improvements made less any depreciation)
Ex-AllStar
