Question

I am a senior citizen having rental income from my forefathers property can my son file income tax returns in his own name the above income

Answer 1

Answer:

The bottom line is that if you inherit property and later sell it, you pay capital gains tax based only on the value of the property as of the date of death. Example: Jean inherits a house from her father George. He paid $100,000 for it over 20 years ago.

Answer 2

see the above attachment.....