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House sold during probate process
I have previously consulted a CPA, but I still have my occasional doubts. My mother passed 07/2021. Fairly simple estate with a house with a mortgage. A Will was in place, and I was the only beneficiary. I got permission from the court to sale during probate. House was appraised 11/21, sold 02/22. House was appraised at 169k. House sold for 185k. Mortgage was paid off (40k) before the remaining funds were transferred to estate account for 6 months until it was closed. Is there technically no capital gains? I was told I didn’t need to file a 1041, but I still worry. Tia!
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November 4, 2023
5:52 PM