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Updated almost 2 years ago,

User Stats

6
Posts
4
Votes
Brandon Stanley
  • New to Real Estate
4
Votes |
6
Posts

Tax question about out of state of inherited property

Brandon Stanley
  • New to Real Estate
Posted

Hello!

I am in the process of doing my taxes and I am currently just using Turbo Tax (not the best, I know, but I have been struggling to find a good CPA). 


In 2022 I inherited a property with my brother. We sold it below the appraised price at the time of death of the person we inherited it from. So it technically is a capital loss and we don't have to pay taxes on it. On my tax return I don't have to pay any federal or California (where I live) tax on it, but on Turbo Tax it asked if I earned any money out of state, ie sale of a property. So I said yes, and it is saying I owe close to $3K of taxes in Pennsylvania (where the home was sold). Everything I have found in my research and asking around (to people who think, but don't know) is that I shouldn't have to pay any taxes in Pennsylvania. 

Does anybody have any experience with this and happen to know?

Thank you!

PS. I'll take any California CPA recommendations as well if you happen to have them:-)

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