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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 13136
Experience:  15years with H & R Block. Divisional leader, Instructor
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My mother's house was sold in October 2013 to get money to

Customer Question

My mother's house was sold in October 2013 to get money to cover her medical expenses and assisted living care for Alzheimer's. In January 2015, mom passed away. Is the money that remains in her account part of the inheritance for me and my siblings? Or is that money supposed to go toward capital gains from October 2013? During her Alzheimer's no tax returns were filed - years 2012 through 2015.
Submitted: 7 months ago.
Category: Tax
Expert:  Robin D. replied 7 months ago.


When your mother's house was sold she would have reported in that year the sale (if required) and any capital gains tax paid in that year.

The money that is in your mother's account is not taxable to you and your siblings as along as it would not have been taxable to your mother. Example: a checking account or savings account is not taxable unless you earn interest. So if this was in a checking account it is not taxable to you now because it would not have been taxable to your mother.

She may not have had to file a tax return while in assisted living because of her exclusion on the sale of her residence. If your mother had owned and lived in the house for 2 of the 5 years before it sold then up to $250,000 of gain could have been excluded and no tax for her to pay or even report.

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Expert:  Robin D. replied 6 months ago.

Checking to see if you responded