Tax Law (Questions About Taxes)/inheritance


I will be receiving monies (under $500,000) from the sale of property from my deceased parents estate.  What is the federal tax laws - is any amount of this tax exempt and what is the 2014 federal rate.  Are there any Va state taxes as well?


An inheritance is not subject to income tax.  However, if the property inherited is sold for more than its fair market value as of the date of death, you will owe taxes on the gain (if less, you can deduct the loss).  The rate would depend on your marginal tax bracket the nature of the asset sold.  

The same rules would apply to Virginia.

Hope this helps.

John Stancil, CPA

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John Stancil, CPA


I can answer questions on personal income taxes, partnerships, and some corporate income taxes. I can deal with some state tax questions. Limited gift and estate tax questions. I am also familiar with ministerial and church tax reporting issues. I am Professor Emeritus at Florida Southern College. Sales taxes and property taxes are state and local issues so I am not likely be be able to give you an in depth answer on those types of taxes. I have maintained a CPA practice, specializing in tax, for over 35 years. I am a member of the National Association of Tax Professionals, The Florida Insititute of CPA's, The NCPE Fellowship. In addition I am a Certified Mentor for SCORE. Visit my website at I also offer seminars and consultations to churches and clergy on their tax issues at Also visit my blog, I am listed on Tax Connections at Prepare and file your own taxes at


I hold a doctorate in Accounting, and am a CPA. My certifications of CIA, CFM, and CMA are inactive. I passed all certification examinations on the first attempt, and received honorable mention for my scores on the CIA exam. I have operated a CPA firm for over 37 years and have taught accounting and tax at the college level for over 35 years.

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DBA University of Memphis MBA University of Georgia BS in Accounting Mars Hill University

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