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Get your taxes done using TurboTax
@bhowe wrote:
I assume there is a free ride Tax wise with an inheritance that is this small? Where does that come in?
An inheritance, aside from certain assets such as retirement accounts (e.g., IRAs), is generally not taxable to the beneficiaries.
It also appears as if you have a loss on the sale of the house which can be passed through to the beneficiaries (assuming the property was held as investment property).
See https://www.irs.gov/publications/p559#en_US_2019_publink100099687
March 12, 2020
7:30 AM