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Updated almost 9 years ago on . Most recent reply
Sale proceeds of inherited property
My husband inherited his father's home in 2013. It sold on 12/28/15 for $161K. Would I be able to put the proceeds into a self-directed IRA to avoid being taxed on it?
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Wayne Brooks
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Wayne Brooks#1 Foreclosures Contributor
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More importantly, talk to a CPA. Your husband's "gain" isn't the gross sales proceeds, it's that minus his basis, which would generally be the fair market value of the property when he inherited it....ie., was valued at $140k when inherited, $21k gain, or so.