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Old 01-19-2018, 03:29 AM
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ginacarlisle ginacarlisle is offline
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Default Capital Gains On Inheritance?

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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Old 01-19-2018, 01:48 PM
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Default inheritance

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Originally Posted by ginacarlisle View Post
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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Old 01-21-2018, 11:33 AM
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This is not our home or residents. We aquired the home upon my father-inlaws death. Does this still apply?
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Old 01-21-2018, 06:43 PM
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Default inheritance

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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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Old 02-15-2018, 02:56 PM
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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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Old 02-16-2018, 03:36 PM
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Default home sale

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Originally Posted by ginacarlisle View Post
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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