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I am selling a house that I inherited from my parents. It…

Customer Question
I am selling a...

I am selling a house that I inherited from my parents. It closes soon. The money I get from the sell does it go to escrow or do I just get the money? There is a will and I am the beneficiary and the only heir.

Lawyer's Assistant: Since estate law varies from place to place, can you tell me what state this is in?

Virginia

Lawyer's Assistant: What documents or supporting evidence do you have?

A will

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Can not think of anything

Submitted: 3 months ago.Category: Legal
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Answered in 2 minutes by:
3/23/2018
Lawyer: Ray, Lawyer replied 3 months ago
Ray
Ray, Lawyer
Category: Legal
Satisfied Customers: 48,143
Experience: 30 years in civil, probate, real estate, elder law
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Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question and respond.

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Lawyer: Ray, Lawyer replied 3 months ago

If you have probated the will here and there is an estate account with EIN you might want to run it through the estate account and EIN because your parents could claim exemptions for capital gains on their last return using the EIN number.That might save you some taxes.

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Lawyer: Ray, Lawyer replied 3 months ago

Reference

You probably know that, if you sell your home, you may exclude up to $250,000 of your capital gain from tax. For married couples filing jointly, the exclusion is $500,000. Also, unmarried people who jointly own a home and separately meet the tests described below can each exclude up to $250,000.

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The law applies to sales after May 6, 1997. To claim the whole exclusion, you must have owned and lived in your home as your principal residence an aggregate of at least two of the five years before the sale (this is called the ownership and use test). You can claim the exclusion once every two years.

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Lawyer: Ray, Lawyer replied 3 months ago

EIN number here

https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online

I am assuming you have already opened probate, you may want to claim sale using EIN and on parents last return here if you can claim the capital gains exemption.

I wish you the best here , if you can positive rate 5 stars it is much appreciated.

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