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Get your taxes done using TurboTax
The $250,000 that your thinking of is for a primary residence sale. Since this was an estate selling the home that doesn't apply. However, because your parent left the home behind when they died you get a "step-up" in basis to the value that the home had on their date of death. So the only portion of the sale that would be taxable is the portion above that value.
Since you probably also have expenses it is most likely that you do not have any tax liability. But the only way for the IRS to be sure of that is for you to file a tax return. As @fanfare says you should file final tax returns just so you don't receive any letters asking questions down the road.
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‎February 19, 2025
10:45 AM