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My siblings (2) and I are selling our parents home. Both

My siblings (2) and I...
My siblings (2) and I are selling our parents' home. Both passed away in 2011. The three children and father owned the home, so we didn't inherit the house, we inherited his quarter of it. What are the tax implications of selling the house @ $150K (purchased in 70's at $50K)
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Answered in 12 minutes by:
1/3/2013
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,581
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.

Thank you for your question, and thanks for using JustAnswer.com. This is how I understand your situation: You and your 2 siblings owned a house along with your father. You were on the title before the death of your parents.

When your parents put you all on the title, you got along with that their basis in the house. If the house was purchased for $50,000 in the 70s, that means that you would have a $100,000 capital gain split three ways.

Had your parents not put you all on the title during their life, you would have a basis in the house equal to the fair market value at the time of death, at which point your capital gains would be little to none.

Please let me know if you need anything additional. Thanks again for using JustAnswer.com and have a happy and safe New Year.

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You should be aware that your question, as with most tax questions, can never really be answered completely...addressing all the permutations; that is because of the many assumptions that have to be made I have done my best to determine what I think you are asking and answering it in the most direct and understandable manner possible. If, however, after reviewing the questions, you have any uncertainties or further questions, please do not hesitate to ask.

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Customer reply replied 4 years ago


Just one follow-up... So we would have been better off, tax-wise, if our father had not included us on the title? No big deal, but just curious...

Yes, you would have been better off if you would not have been on the deed to the house. This is a very common mistake.

** Please take a moment to rate my response as "Excellent" so that I may be compensated for assisting you today. Please let me know if my assistance was anything less than "OK Service", as I am compensated based on whether or not I have assisted you with your issue. If you need further clarifications, PLEASE WAIT TO RATE MY ANSWER UNTIL AFTER RECEIVING FOLLOW UP FROM ME. If I receive anything less than OK Service, I do not get paid. Thank you for your kind understanding in this matter. If you have difficulties rating, then simply respond stating that you are having difficulties rating and thank me for my excellent, good, or ok service and we can get the rating applied by the site*
You should be aware that your question, as with most tax questions, can never really be answered completely...addressing all the permutations; that is because of the many assumptions that have to be made I have done my best to determine what I think you are asking and answering it in the most direct and understandable manner possible. If, however, after reviewing the questions, you have any uncertainties or further questions, please do not hesitate to ask.

Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,581
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
Verified
Megan C and 87 other Tax Specialists are ready to help you
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Megan C
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,581
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Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

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