Originally Posted by ginacarlisle:
My father inlaw passed away and the 3 kids sold the house and received 15,000 after all loans and debts were payed off. How do we claim this? We did get a 1099S. Do we need to pay capital gains on the whole 15,000? Thank you for your time.
You don't have to pay taxes on any of this. The first $250,000 of profit on the sale of a home is not taxable.