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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 10172
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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I am selling my Mothers house which I inherited. I will be

Customer Question

Hello, My name is ***** ***** I am selling my Mothers house which I inherited. I will be sharing the inheritance with my sister and my brothers deceased 2 sons. I have no idea what I should do with this form 593-E. We each have received a form 4 forms total.
JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?
Customer: Not that I know of.
Submitted: 2 months ago.
Category: Tax
Expert:  Lane replied 2 months ago.

Hi. My name's Lane. I can help you with this.

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I hold a law degree, with concentration in Tax Law, Estate law & Corporate law, an MBA, with ssecialization in financial accounting & tax, a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986

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Bear with me a moment while I prepare your answer

Expert:  Lane replied 2 months ago.

OK this is where you'll report your capital gain on sale ... Each of you will report your proportionate piece (1/4, I'm guessing - depending on the will or other directive).

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Selling price goes on line 1 and then your basis -which would be the fair market value of the house (your proportion OF it) on the date of your mother's death, goes on line 4

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Most times when a property is sold fairly quickly after the date of death, a year or two, real estate prices haven't gone up.

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So it's POSSIBLE that (once you enter the selling costs, such as sales commissions on line 2) each of you will have a small loss.

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Let me know what questions myou have from here.

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Lane

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