Tuesday, August 9, 2011

I inherited 10 acres of land in Buford, GA. I am now selling for $125,000. I was told I had to get appraisal.?

Appraisal for accountant to do taxes on this. It's complicated. My dad died in 11-2004 and left me 5 acres - my brother died 9-2009 and left me the other 5 acres too. The quit claim deed was put in my name on 03-2010 saying I bought for $1.00. So what tax responsibility will I have. I was told to get an appraisal of what land was worth when I received it and if I should it for $125,000 then I would own taxes on difference of sale and what land was worth in 03-2010. I was also told no it was when they left me the land - which one left part in 11-04 and the other left 09-2009. Guess it just stayed in the estate till executor put in my name on the quit claim deed 03-2010 so do I need appraisal and for what dates and what are my tax liabilities. Thank you so much I really need help - it's getting confusing.

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