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My mother passed away & we sold her house and divided the…

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My mother passed away &...
My mother passed away & we sold her house and divided the selling price three ways.
Is nthis reportable income?
Submitted: 2 years ago.Category: Tax
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Answered in 1 minute by:
1/27/2016
Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,062
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello

How this is reported depends on if the house was inherited and transferred to an individual or individuals prior to the sale.

Please tell me if the house transferred prior to the sale so I can advise specifically for you.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years ago

Was a 1099S issued showing the sale?

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years ago

While I wait for you to respond, I can advise about general info.

Well if you (all 3) inherited the property you each claim one third of the basis and one third of the sale price. This will gain you, your gain or loss to report.

Your basis is the fair market value on the day your mother passed. This gives you a better tax position because the fair market value and the sale amount are closer. You may even have a loss.

It is reportable even if a loss.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years ago

Now that you have viewed my response, please post below if you need more information

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years ago

Checking back to request if you were satisfied

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