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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

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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
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 3 years ago.

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


 

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.
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