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Robin. My grandmother recently passed and had my name on her

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Hi Robin. My grandmother recently...
Hi Robin. My grandmother recently passed and had my name on her title to her house. All the paperwork was properly done so the money from the sale of the house (106,000) became mine. Do I pay taxes on that money? Does it all have to go into real estate? If so how long do I have before I have to invest it? What happens if I spend any of it now that's not realestate?
Submitted: 1 year ago.Category: Tax
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Answered in 4 minutes by:
12/28/2015
Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 year ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,888
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello

If your Grandmother transferred part or all ownership to you prior to her passing (as gift) then you would need to report the sell.

Your cost (BASIS) will be the same as your Grandmother's (her cost plus improvements). You will pay tax on the difference in the basis and the sell amount (less costs to sell).

It doe snot have to be reinvested in real estate and by doing that you will not receive any tax benefit. The gain will still be taxable to you.

You can spend the money any way you wish but please know that the tax will be calculated on your return for the year of sale.

If my answer addressed your question please rate below or above (let me know if you have difficulty as I believe the system changed), if you need more information reply below.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 year ago

If my answer addressed your question please rate below or above (let me know if you have difficulty as I believe the system changed), if you need more information reply below.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 year ago

Hi Scott

Please post below or rating in a positive way is acceptable.

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Robin D.
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,888
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Experience: 15years with H & R Block. Divisional leader, Instructor

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