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My father died last year and left my sister and bother and

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me his house. On...
My father died last year and left my sister and bother and me his house. On the market it was 45,000.00 and we sold it for 28,500.00 How much of the 9500.00 wil I have to clame. Is there a way around it. Thank you XXXXX [email protected]
Submitted: 7 years ago.Category: Tax
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2/1/2010
Tax Professional: Bill, Enrolled Agent replied 7 years ago
Bill
Bill, Enrolled Agent
Category: Tax
Satisfied Customers: 3,153
Experience: EA, CEBS - 35 years experience providing financial advice
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If the house was titled in your father's name alone then the cost basis for determining gain or loss on the sale is the fair market value on his date of death. So if the fair market value on his date of death was $45,000 and it was sold for $28,500 then there is a loss of $16,500 not a gain so you will not have to pay tax on any gain.

 

If your father was a resident of MO then there will be no estate taxes imposed.

Bill
Bill, Enrolled Agent
Category: Tax
Satisfied Customers: 3,153
Experience: EA, CEBS - 35 years experience providing financial advice
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Tax Professional: Bill, Enrolled Agent replied 7 years ago
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