Skip to main content
Level 2
January 26, 2022
Question

Death of a family member

  • January 26, 2022
  • 8 replies
  • 31 views

My step father passed away this past April, and he Quit claimed me his house as my inheritance.  I filed the Quit claim in April, and sold the house in May.  How do I report this?  

 

    8 replies

    Level 15
    January 26, 2022

    Report as an asset sale with the cost basis being the value of the home at the time of his death. Assuming that the value did not change in the interim there would be no gain or loss. 

    Level 15
    January 26, 2022

    The answer @Bsch4477 posted is correct. 

     

    However, did he quitclaim the property to you prior to his death?

    Level 2
    January 26, 2022

    He had the Quit claim deed in a safe deposit box, and instructed me upon his death to file it.