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Daycare and Taxes>Capital Gains On Inheritance?
ginacarlisle 04:29 AM 01-19-2018
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.
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TomCopeland 02:48 PM 01-19-2018
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.
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ginacarlisle 12:33 PM 01-21-2018
This is not our home or residents. We aquired the home upon my father-inlaws death. Does this still apply?
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TomCopeland 07:43 PM 01-21-2018
Originally Posted by ginacarlisle:
This is not our home or residents. We aquired the home upon my father-inlaws death. Does this still apply?

You still don't owe taxes on this.
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ginacarlisle 03:56 PM 02-15-2018
We got a 1099 from the buyers lawyer saying we made $150,000 but we did not get anything from our lawyer after we payed of 2nd mortgage we made 15,000 how and where do I claim this? Thank you
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TomCopeland 04:36 PM 02-16-2018
Originally Posted by ginacarlisle:
We got a 1099 from the buyers lawyer saying we made $150,000 but we did not get anything from our lawyer after we payed of 2nd mortgage we made 15,000 how and where do I claim this? Thank you
Still not income.
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Tags:capital gains, inheritance, tom copeland
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