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Lou, Tax Preparer
Category: Tax
Satisfied Customers: 404
Experience:  25+ yrs Experience Personal Income Taxes - Former DM for H&R Block in California
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Both adult children inherited moms house 50-50. One wants to

Customer Question

Both adult children inherited moms house 50-50. One wants to by the others half. Will the one that sales his half be required to file as a capital gain and be taxed on his money paid by the one child buying his half.
Submitted: 7 years ago.
Category: Tax
Expert:  Lou replied 7 years ago.

Hello and thank you for contacting JustAnswer. We appreciate the opportunity to be of service to you.


There will be no tax to either party as long as the house was sold to the other at current FMV and the sale was completed within 6 months of the death.


The basis for computing gain of inherited property is the value of the property at the date of death.


Therefore as long as the transaction was made based upon the value of the home at the date of death then there is no gain.


If you have further questions on this topic be sure and get back to me.

Customer: replied 7 years ago.
I don't see anything that tells me that $15 only will be charged to my credit card. I keep seeing deposit. Affraid to accept for these reasons.
Expert:  Lou replied 7 years ago.
Once you "accept" the amount on deposit will be charged to your CC.