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Level 1

Question

Do I pay taxes on proceeds of the 2017 sale of a home I inherited that was in a revocable living trust?

Forum|Forum|7 years ago
June 5, 2019
1 reply
12 views

My sister and I inherited the home from our mother who put it into a revocable living trust and died in 2011. Per agreement, my sister lived there until this year, and we are now selling the home. What are the tax consequences? Should I pay more in estimated taxes for 2017?

TurboTax Premier Online

Level 15

I assume your sister just lived there and no rent was charged or paid.

You cost or basis in the house is the value on the date of death.

You will deduct your share of selling costs, and also add your share of any improvements to the house prior to selling it.

Your gain will be Long term capital gain (or loss).

If the tax you will owe is greater than $1,000 estimated taxes would be a good idea.

Below is the tax brackets and the capital gain rates for 2017.

http://www.schwab.com/public/schwab/nn/articles/Taxes-Whats-New