i revceived a $11,000 piece of land 2 years ago from a relative as a gift. i sold it for $100,000 in 2008..?

he has just passed away and i am handling estate issues. is there a tentative tax base? or was the gift considered totally out of the estate at the time of gift?

Public Comments

1. If he gave it to you before he died, it counts as a gift. That's why relatives give away their holdings before they die -- to avoid the estate tax. <add> You don't need a tax attorney. Also you don't have to pay capital gains on real estate unless you made over $200,000. You will probably have to report it however.
2. He gave it to you before he died so it's not part of the estate. Did he bother to tell you what he paid for it? The reason is that you use HIS basis for determining your gain. If you don't know what he paid, you put down $0 and pay tax on the whole $100K.
3. quit being cheap and miserly and hire yourself a tax lawyer...pronto...
4. sometimes gifts given within 2 yrs of death might have a different cost basis - better talk to an accountant or attorney - could mean a different in your capital gain tax