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Do I need to file taxes on money received from the sale of my mom's house who pasted away 10/30/2016? Money from the sale was split with 3 siblings.
The house was willed to myself, two brothers, and a sister. None of us lived in the house. The house was appraised at $124,000 and sold for $96,000.
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Do I need to file taxes on money received from the sale of my mom's house who pasted away 10/30/2016? Money from the sale was split with 3 siblings.
Yes, you report the sale in the Investments section of TurboTax under "other" for inherited property.
Your sales price is your 1/3 share of the proceeds less the 1/3 of the selling expenses.
Your cost basis of the property is the 1/3 value on date of death.
To enter your 1/3 house sold
Click on Federal Taxes
Click on Wages and Income
Click on I'll choose what I work on
Scroll down to Investments
On Stocks, Bonds, Other, click the start or update button.
Chose "Other" and list it is Inherited as this gets favorable Long Term Gain tax treatment.
Based on the facts in the question, you may have a loss on the sale.
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Do I need to file taxes on money received from the sale of my mom's house who pasted away 10/30/2016? Money from the sale was split with 3 siblings.
Yes, you report the sale in the Investments section of TurboTax under "other" for inherited property.
Your sales price is your 1/3 share of the proceeds less the 1/3 of the selling expenses.
Your cost basis of the property is the 1/3 value on date of death.
To enter your 1/3 house sold
Click on Federal Taxes
Click on Wages and Income
Click on I'll choose what I work on
Scroll down to Investments
On Stocks, Bonds, Other, click the start or update button.
Chose "Other" and list it is Inherited as this gets favorable Long Term Gain tax treatment.
Based on the facts in the question, you may have a loss on the sale.