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Discussion Starter #1
I have a tax question that I need answered. My mom passed away this past March. My brother and I just sold her house last week. It was a very hard thing for me to do. I lived in this house for the first 23 years of my life. I moved out when I got married.

My question is - Will I have to pay imcome tax on the sale of the house?

Any advise would be helpful.
 

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Colryn, you need to go find a tax professional local to you to preapre the paperwork. It shouldn't cost you too much.

I don't know how it will work. Capitol gains? Inheritance tax? Go talk to a taxguy asap. He'll advise you on how to pay the least amount.
 

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Discussion Starter #5
I went to the IRS website and found these statements:
.................................................................................................
Capitol Gains section:

Transfer on death. The transfer of property to an executor or administrator on the death of an individual is not a sale or exchange.


Filing an Estate Tax Return





An estate tax return, Form 706, must be filed if the gross estate, plus any adjusted taxable gifts and specific gift tax exemption, is more than the filing requirement for the year of death.

Year of Death:Filing
Requirement:
2004 and 2005 1,500,000

B. Which Estates Must File





For decedents dying in 2004, Form 706 must be filed by the executor for the estate of every U.S. citizen or resident whose gross estate, plus adjusted taxable gifts and specific exemption, is more than $1,500,000.
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Bottom line is I need to talk to someone. I think I might be ok. 1.5 mill is know where near what my brother and I received.
 
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