My dead mother's house sold in October 2020. I am over 70 years old, with no other taxable assets aside from this recent inheritance not exceeding $1 million net proceeds after property sold. Do I pay capital gains tax? And I assume I will be paying income tax but in 2022 for 2021 since the funds were generated this year? And no I have not yet gotten access to the funds. They are still in a Trust Account because certain remunerations between my sibling and I ll have to be completed to determine exactly the amount each of us will ultimately get into our hands in January 2022. But my share will be no more than $1 million, maybe a bit less. I ask because I have been given incomplete or inaccurate information from certain people who may not have my best interests for their other business gains. So I prefer a more neutral impartial source as Turbotax. I was very pleased with the ease of using to it for the first time to file my taxes back in April of this year. And before this inheritance, my cash or other assets were very modest and qualified for a refund, nothing taken away. I am sure next year will be different. But for now focusing on capitol gains tax from a recent inheritance from selling my dead mother's house.
