Is proceeds received in 2023 from the sale of a home of a deceased family member's probated estate taxed? The proceeds were divided between 3 family members.
The Estate shod receive a stepped up Basis in the property and any tax to the probate estate upon sale will be determined by the sale price of the home versus the step up basis in the property sold. The distribution by the estate to the beneficiaries of the proceeds based on the decedents will should not be taxable.
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