Capital Gains On Inheritance?

[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.

[TomCopeland]

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.

[ginacarlisle]

This is not our home or residents. We aquired the home upon my father-inlaws death. Does this still apply?

[TomCopeland]

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.

[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

[TomCopeland]

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.