In northern Parker County, land around Poolville often stays in the same family for generations. When a parent or relative passes away, the family is left with tax questions at an already hard time. Longino CPA Firm, PLLC helps Poolville families handle a loved one’s final return, understand the tax on inherited property, and prepare their own returns, online or in person by appointment at your place of business or a convenient local spot we agree on.
Tax help for Poolville families and inherited property
- A final return: filing the last individual return for someone who has passed away
- Inherited land or a home: establishing your cost basis and reporting a later sale
- Inherited retirement accounts: how and when distributions from an inherited IRA are taxed
- Family land: rental, livestock, hay, or royalty income from property you now own
- Individual returns: W-2, retirement, and self-employment income for Poolville households
See our tax services and pricing.
Frequently asked questions
Do I pay income tax on property I inherit?
Generally, no. Receiving an inheritance is not taxable income. Tax usually comes into play when you later sell the property or when inherited accounts make distributions.
What is a stepped-up basis?
For most inherited property, your cost basis becomes its fair market value on the date of death rather than what the original owner paid. If you sell soon after inheriting, there is often little or no taxable gain. A professional appraisal near the date of death helps document that value.
Does someone need to file a tax return for my parent after they pass?
Usually, yes. A final individual return is typically due for the year of death if their income met the filing requirement. Depending on the estate, a separate estate income tax return may also be needed. We can tell you which apply.
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