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Richard
Richard, Tax Attorney
Category: Tax
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Experience:  29 years of experience as a tax, real estate, and business attorney.
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i have a uncle who died 9-18-2012. he was on disability with

Customer Question

i have a uncle who died 9-18-2012. he was on disability with a total income of 12545.10 from social security, do i need to file incomw taxes for him and i am the executor to the estate and sole beneficiary. i sold the house in april, will i have to claim this on my taxes next year, and i also live in nebraska. any info would be helpful
Submitted: 1 year ago.
Category: Tax
Expert:  Richard replied 1 year ago.
Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.

Good evening. If his only income was from Social Security, those benefits are not taxable. SS benefits are only taxable if you excess certain minimum levels of other taxable income. If there is no other taxable income, the SS benefits are not taxable.


With regard to the sale of the house, if you sold it prior to his death, there would be gain on the house equal to the sale price in excess of your uncle's basis in the house. But, if this was his principal residence, he would be eligible for a capital gain exclusion from the sale of principal residence of up to $250,000. So, unless the gain is in excess of $250,000, there would be no non-excluded gain subject to capital gain tax.




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Customer: replied 1 year ago.

The house was sold after his death, so will I have to claim this on next years taxes as I am the beneficiary


 

Expert:  Richard replied 1 year ago.
Thanks for following up....I thought when you said you sold it in April, you meant 2012 since we are so early in April 2013. In that case, there would not be any gain from the sale because the basis in the property would have been increased to its fair market value at the date of death. So, unless you sold it for more than the fair market value at death, there would be no gain and thus no tax.
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 45990
Experience: 29 years of experience as a tax, real estate, and business attorney.
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Expert:  Richard replied 1 year ago.
Thank you so much for the positive rating! I appreciate having had the opportunity to serve you! If I can be of assistance to you in the future, just look me up and I will be happy to help!
Expert:  Richard replied 1 year ago.
Thank you also for the bonus! I appreciate your kindness and your generosity!

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