Posted by JHyre in Ohio on January 23, 2002 at 20:11:00:
Yes. The property should be capable of being sold via “1031 Like-Kind Exchange”…though that shouldn’t be necessary. When someone dies and leaves property, the basis of the property is increased to equal its fair market value…thus any sale shortly after being inherited should produce no taxable gain. In short, if you inherited recently, you be able to sell without paying federal income tax.