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Hi, I have a few more questions. In the example you gave, of the 10,000 that is due to capital gains, the tax is 20% next year. So, $2000 would be paid in capital gains tax? If the house sale revenue is divided up next year, does each sibling pay his or her share of the tax, or is it paid by the estate first?
Also, if I did repairs, did you say that it will not subject me to capital gains? So I can do repairs by maybe Feb or March, and whatever the appraised value is then, is still the base value? Does the judge set something?
Thanks for your help so far....
Mother died Sept. I became executor in Dec. She has some small stocks, which may have accrued interest since she died. I need to do her taxes as well as mine. I want to liquidate and distribute her stocks, but what about doing her taxes? Do I count as her income any interest that accrued after she died? It is a very small amount, if any. Do I have to do taxes on estate, or can I just do taxes for her, and then taxes for myself, including all the interest after she died in mine? It would be a very small amount, if any.