I was deeded property a few days before my mom died. When she passed I paid the bills and had to fix up the property to get it to sell. How much do I owe taxes on? She paid 40k for the property. I was deeded half and sold it months later for 144,000.00 but I got 100,000 and my sister got 44,000 due to the split for the grandkids per her wishes. Do I report the difference between 40k and 100k that I received from the sale? And if she left me money in her account that was POD how is that reported?
