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I'm unemployed/retired collecting social security and sold inherited property at a loss within the same year of receiving it. Do I have to pay tax on this sale?
I'm retired with Social Security as my only source of income. Through probate, my brother and I received my fathers home worth $180,000. My brother and I sold the home for a loss within 4 months of finalizing for $125,000 and split the sale 50/50. Do I need to pay taxes on this sale?
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‎June 6, 2019
7:06 AM