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nkbmcknight
Level 1
June 1, 2019
Question

I sold a life estate homeas a remainderman after my mother passed away. The sale was split between myself and the 3 other remaindermen. How do I report this on my taxes?

  • June 1, 2019
  • 1 reply
  • 2 views
The tax basis is the value of the home upon the death of the life tenant. We sold the home 4 months after the death. Home sold under appraisal. Do we have to report anything as there was no capital gain?

1 reply

Lisa995
Alumni - Champ
Lisa995Alumni - Champ
Alumni - Champ
June 1, 2019
Sales get reported since IRS will only see the SALE, it doesn't know about the basis or what the actual profit or loss is.  You need to file a return to show them that the entire sales price isn't taxable profit.
♪♫•*¨*•.¸¸♥Lisa♥ ¸¸.•*¨*•♫♪
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