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My father passed away last year and we sold his truck. Do I have to claim that?

 
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2 Replies
JohnB5677
Employee Tax Expert

My father passed away last year and we sold his truck. Do I have to claim that?

It depends.   When your dad passed, you inherited the truck at the value it was on the day he passed.  If you sold it reasonably soon after that, you can consider that a break even and there is no tax. 

 

If you are selling a used personal item for less than the original value, it is not taxable. If you flip it or sell it for more than the original cost, you have to pay taxes on the surplus as capital gains.

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My father passed away last year and we sold his truck. Do I have to claim that?

or did his Estate sell it, and then give you the funds?

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