I do not understand. The house was paid for long ago. It sold at today's prices far more than what is originally cost to purchase.
Yes, there were some needed repairs, but those costs were minimal.
From the title company, we received tax form under mom's EIN (not SSN). I assumed taxes for 2024 need to be filed under that EIN (and not anyone who inherited money from the same). Am I not correct?
How can we calculate approximately how much taxes will be for a house sale that was many times greater than the initial purchase price?
This is my first experience with this situation, so I may not be asking the right questions or asking them correctly.
