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My father passed away in November of 2016. He only worked one month out of the year with minimal payment. Do I need to file his taxes?

Also, I inherited his home and assets in 2016.  I sold the home in 2017.  How should I prepare for next years taxes?  Will I have to pay taxes on the money I made after the home was sold?
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PaulaM
Employee Tax Expert

My father passed away in November of 2016. He only worked one month out of the year with minimal payment. Do I need to file his taxes?

I am sorry for the passing of your father in 2016.

 A return may not need to be filed depending on how much earnings and other income he may have had for the year. See chart link below.

When you inherit a home and later sell it, this becomes a reportable event for year in 2017. You receive a stepped-up basis in the home at your father's date of death. You will need the FMV of the home on the date your father passed, and sale details to record on your tax return.

Stepped-up basis means that you will only pay capital gains (if any), if the value increased from the date of his death, to the time you sold the home. Tax treatment for the rest of his assets will depend on what they are. Contents of his home are personal assets and in general not reportable by you. Income producing assets are.

https://ttlc.intuit.com/questions/1901490-do-i-need-to-file-a-federal-return-this-year

https://ttlc.intuit.com/questions/1899441-can-i-e-file-a-tax-return-for-someone-who-is-deceased

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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1 Reply
PaulaM
Employee Tax Expert

My father passed away in November of 2016. He only worked one month out of the year with minimal payment. Do I need to file his taxes?

I am sorry for the passing of your father in 2016.

 A return may not need to be filed depending on how much earnings and other income he may have had for the year. See chart link below.

When you inherit a home and later sell it, this becomes a reportable event for year in 2017. You receive a stepped-up basis in the home at your father's date of death. You will need the FMV of the home on the date your father passed, and sale details to record on your tax return.

Stepped-up basis means that you will only pay capital gains (if any), if the value increased from the date of his death, to the time you sold the home. Tax treatment for the rest of his assets will depend on what they are. Contents of his home are personal assets and in general not reportable by you. Income producing assets are.

https://ttlc.intuit.com/questions/1901490-do-i-need-to-file-a-federal-return-this-year

https://ttlc.intuit.com/questions/1899441-can-i-e-file-a-tax-return-for-someone-who-is-deceased

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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