Solved: 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.
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daveharb
New Member

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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Accepted Solutions
MichaelL1
Level 15

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. 

View solution in original post

1 Reply
MichaelL1
Level 15

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. 

View solution in original post

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