is money received from the sale of inherited property considered taxable income?
 To determine if the sale of inherited property is taxable, you must first determine the basis (your cost) of the property. The basis of inherited property is generally the fair market value at the date of the decedent's death.If you sell the property for more than your basis, you have a gain on the sale, which is reported on Form 1040, Schedule D Capital Gains and Losses. 