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  1. Federal Taxes: Re: What Would Be Taxes from Selling a Fixer Upper That My Minor Son Inherited

    Dear Taxing Matters,

    I have answered to all your questions. Would you, please, help me to summarize the responses? It is quite difficult for me to comprehend.

    I would highly appreciate if you...
  2. Federal Taxes: Re: What Would Be Taxes from Selling a Fixer Upper That My Minor Son Inherited

    It seems that a true price of the house in Virginia could be difficult to establish. That is why I simply compared the prices of the similar houses in the most proximate area.

    Those renovated...
  3. Federal Taxes: Re: What Would Be Taxes from Selling a Fixer Upper That My Minor Son Inherited

    I didnít appraise it yet. It could be sold somewhat between 275.000 and 300.000. The similar houses in the area are sold for $100 a square foot. The house is 3100 square feet.

    If the taxes for...
  4. Federal Taxes: Re: What Would Be Taxes from Selling a Fixer Upper That My Minor Son Inherited

    $18.500 was a value in the appraisal that a previous executor used to justify the price to sell the house for $20.000 cash before I got an attorney involved.

    After I was appointment as a custodian...
  5. Federal Taxes: Re: What Would Be Taxes from Selling a Fixer Upper That My Minor Son Inherited

    The house was willed to my son in Feb 2016. However, the custodian was a family member from another state, who wanted to sell the house.

    I had an attorney involved. As a result I was appointed as...
  6. Federal Taxes: How are Capital Gains Taxes Calculated on Property You Inherit and Improve

    My question involves real estate located in the State of: Virginia

    My minor son inherited a fixer upper. While waiting my son to turn 18 I fixed it up to increase it’s value.

    I worry that the...
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