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Get your taxes done using TurboTax
The house sold for (my example) $200,000. Because it sold within six months of your mom's death it was worth exactly what it sold for - $200,000. There is no tax due on that.
When you enter it into TurboTax the system will ask you what your basis in the house was. Basis just means the value of the house. In your case the basis of the house is the exact same as the sales price.
You will also be able to enter the expenses that you had for the sale. These can turn into a deduction for you and your siblings.
These things can be very complicated. You may want to consult a tax professional.
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‎April 3, 2024
11:36 AM