Capital gains or others taxes

[lukemack3y]

I lived in a house owned by my mother for 34 years.  My mother passed (we moved into her house ) and we sold the  house we had be living in for $35,000 and it’s valve was $61,700. The house was in my mothers name.  But I was inherited it.  My questions is, will I have to pay taxes, capital gains or other, on the $35000 even thought we sold it for less than the value?   Thank you 

[rferreira 1]

You did not specify how long you lived in the house and if it was your primary residence.  Let's go with worse case scenario.  Your mother passed and you inherited the house.  Your basis in that house is the fair market value on the date you inherited it.  To that you would add any capital improvements you might have made.  This is now your adjusted basis.  You would subtract that amount from the amount you sell it for, minus closing costs, and this would be your capital gain on the house.

[lukemack3y]

The house was our primary residence for 34 years, just not in our name.  only Inherited it when my mother passed in August 2021.  We sold it after probate in May of 2022.  

[Anonymous_]

If you inherited the house (acquired it from your mother upon her passing), the fair market value on the date of her death was $61,700 and you sold it for $35,000 (presumably not to anyone related to you), then you have a loss.

However, since the property was apparently held for personal use, you cannot recognize the loss on your federal income tax return (i.e., the loss is not deductible).

[Hal_Al]

Q. My questions is, will I have to pay taxes, capital gains or other, on the $35000 even thought we sold it for less than the value?   

A. No.  You don't have a capital gain, you have a capital loss ($35,000 sale price minus $61,700 cost basis equals a $26,700 capital loss).  As others have  said, a loss on the sale of personal use property is not reportable or deductible.

The $35,000  proceeds is not "income".  Only the gain (profit) on the sale, if any, is reportable income.