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possible additional income

I was the Personal REP for my father's estate and my uncle was the beneficiary to everything. However, since I was the one who was the caretaker of my father before he passed. Also since my uncle lives in Kansas City too far away to care of matters...He signed over the details regarding my father's house. Long story short due to excessive hoarding of trash and multiple cats mess along with the flooding of the basement all the work time and attention he agree to sign over to me to take care of the difficult matter. It took a few years to clean remodel and sell. I finished the estate in 2021 and it was finalized and closed. Since he was the beneficiary and he basically gifted me the responsibility and anything remaining at closing to me. I was under the impression that was a gift and not income. I want to make I am reporting as needed I may need to amend my 2021 and pay any taxes if needed. I am not sure but want to do the right thing. Ive looked at addition income to ammend but cannot find exactly how or even if necessary Please let me know if I need to amend. Thanks

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2 Replies

possible additional income

First ... WHO is selling the house?   Will it be the estate and the estate's EIN# on the 1099-S that will be issued at closing ?

possible additional income

You need to answer @Critter-3's questions, @Melissa0905; they are critical.

 

However, if you are doing the work of the executor/administrator of the estate and receiving something in exchange, you are receiving a fee for your services as such, which is taxable income, and not a gift.

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