topic File taxes after inheriting a house from family member’s life estate in State tax filing

File taxes after inheriting a house from family member’s life estate

Nate402 — Tue, 18 Feb 2025 04:33:04 GMT

My mother passed away in July 2024. She set up a life estate 20+ years ago and left the house to me. Everyone has lived in Massachusetts their entire lives. I am over 70 years old and have not filed federal or Massachusetts state taxes since I retired six years ago as my only income has been social security payments, a small amount of interest from bank accounts, and a little under $2,000 from her Required Minimum Distribution (RMD) from two retirement accounts.

Do I need to file federal and/or Massachusetts state taxes for 2024 given the fact my mother’s house passed to me as part of the life estate she setup?

Also, for my understanding, what income must I surpass to be required to file a federal return, and/or a Massachusetts state tax return? Again, my only income is social security (which I don’t think counts, right?), a small interest from a bank account, and around $2,000 from RMDs. Thank you very much.

Re: File taxes after inheriting a house from family member’s life estate

fanfare — Tue, 18 Feb 2025 06:57:17 GMT

If you didn't sell the home in 2024, there is nothing to report on your 2024 tax return.

@Nate402

Re: File taxes after inheriting a house from family member’s life estate

Nate402 — Wed, 19 Feb 2025 02:01:24 GMT

Thank you. Considering I only have my social security income, some bank interest, and a few thousand from RMDs, at what point would I need to file a federal and/or Massachusetts state tax return? If my bank interest or RMDs reached a certain amount? From what I've read, you don't count social security towards income amount when determining if there's a need to file a federal and/or Massachusetts state tax return. Thank you.