Home Selling in 33611>Question Details

Diamonddave66, Home Buyer in Sun City Center, FL

My 5 sisters and I were willed our fathers house he passed away last year we just sold the house for $158,000 do we owe taxs on the money?

Asked by Diamonddave66, Sun City Center, FL Thu Sep 26, 2013

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8
That is definitely something that you need to consult an accountant or CPA about.
0 votes Thank Flag Link Wed Mar 19, 2014
It depends on if the house was set up in a trust or went to probate? You will need to contact and account regarding this situation.
0 votes Thank Flag Link Fri Sep 27, 2013
Best to talk with a CPA.

Or if you want to do the homeowrk yourself you can go to:

http://www.IRS.gov

Look for probate taxes.

Good luck!

All the best,
Alma Kee
http://www.SoldOnTampa.com

PS I'm not a CPA, Certified Financial Planner nor attorney but I believe it depends on the total value of the estate. If the total estate was over $5 million there may be Federal Estate Taxes owed, here's a Wall St Journal Article:

http://online.wsj.com/article/SB1000142412788732423510457824…
0 votes Thank Flag Link Thu Sep 26, 2013
contact a florida tax attorney. irs is always changing rules and regulation. if you not a resident of fl other states you might live in could have different tax regulations. so also check your states tax laws, with your cpa.
0 votes Thank Flag Link Thu Sep 26, 2013
Strongly advise talking to your tax consultant. Realtors cannot give tax advise.
0 votes Thank Flag Link Thu Sep 26, 2013
The attorney who handled the probate should be able to help you with this information. If not find an accountant that understands estate taxes - I believe there have been changes recently to the tax liability.
0 votes Thank Flag Link Thu Sep 26, 2013
Definitely consulting your accountant or lawyer would be the best course of action. Having the house appraised will help you get a cost basis established. If you sell the property for more than its value from the day your father died, less any improvements you and your sisters might have made to it, you will owe tax on those gains. I don't believe there is an inheritance tax federally, but on a state by state basis the laws change and can become fairly complicated. Your accountant and lawyer will help you through it. It's not worth the risk trying to handle these issues without proper legal advice.
0 votes Thank Flag Link Thu Sep 26, 2013
There are so many variables in your question. You best option is to consult with a good accountant and or an attorney that will look at your given situation and give you YOUR best advice.
0 votes Thank Flag Link Thu Sep 26, 2013
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