Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax

Just sold my parents house. What do I do wit the money to avoid a lot of taxes?...

Customer Question
Just sold my parents house...
Just sold my parents house. What do I do wit the money to avoid a lot of taxes ?
Submitted: 1 year ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 5 minutes by:
6/16/2016
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 1 year ago
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 4,771
Experience: 35 years tax experience, including four years at a Big 4 firm.
Verified

Hi from Just Answer. I'mCustomer the answer depends on whose house it was, when they lived there and a few other facts. If you just inherited it, there are likely $0 taxes due, for example.

I need more background to tell you for sure.

Ask Your Own Tax Question
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 1 year ago

Hi again.Customeragain.

Please advise if you still need assistance.

Ask Your Own Tax Question
Ask Wallstreet Esq. Your Own Question
Wallstreet Esq.
Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 586
586 Satisfied Customers
Experience: 10 years experience

Wallstreet Esq. is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,300 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,338 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

13,980 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,651 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
Tax Question. TX. Inherited $82k 401k. Decedent was not
Tax Question. TX. Inherited $82k 401k. Decedent was not retirement age.What is the tax implication if the $82k 401k is cashed by a 81yr old on $1550 Monthly SS as only income? What is the tax implicat… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Is there inheritance tax in California. I cousin of my mom
I cousin of my mom died in California. He did not have a will. So we are heirs since my mom has already passed away. Do we have to pay taxes on the funds that we received? … read more
Carter McBride
Carter McBride
LLM
223 satisfied customers
Inherited art value was 134,000 at date of death. This is
Inherited art value was 134,000 at date of death. This is the "post-blockage discount value". 3 paintings sold for $938,000 after consignment fees.Do people often get several appraisals?Is this gain j… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Is inheritance income from Germany subject to US taxes?
Is inheritance income from Germany subject to US taxes? … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,059 satisfied customers
My wife inherited an investment through a living trust that
My wife inherited an investment through a living trust that was liquidated due to a sale of the investment property by an investment brokerage. It's my understanding that since this was inherited thro… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,059 satisfied customers
What is the procedure when someone inherits an account of
What is the procedure when someone inherits an account of stocks and bonds worth approx. $300,000? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,770 satisfied customers
If you receive an inheritance how much tax are you charged?
If you receive an inheritance how much tax are you charged? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I am helping my sister in law file a PA inheritance tax
I am helping my sister in law file a PA inheritance tax return form PA-1500. My question however is federal. There was an IRA without a beneficiary that was distributed to the estate and will be distr… read more
PDtax
PDtax
Certified Public Accountant (CPA)
4,771 satisfied customers
I inherited an IRA while on SSI, so I am in a low tax
I inherited an IRA while on SSI, so I am in a low tax bracket. I have to choose by end of year wether to cash in or leave in IRA. Since I would probably have to cash in as time passes, what is the pen… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,059 satisfied customers
Does DC have an inheritance tax for DC residence who receive
Does DC have an inheritance tax for DC residence who receive an inheritance from a residentof California? … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,059 satisfied customers
What is the tax schedule on inherited Stretch I.R.A for
what is the tax schedule on inherited Stretch I.R.A for children after their inheritance while they are still teenagers, before they reach 70 years of age? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
What are tax rules for an inherited Roth IRA, GA, the
what are tax rules for an inherited Roth IRA JA: Since estate law varies from place to place, can you tell me what state this is in? Customer: GA JA: What documents or supporting evidence do you have?… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
What are the taxes on $140,000.00. I received an inheritance
I received an inheritance of $140,632 and need to know what the taxes are. I live in las vegas … read more
abci168
abci168
Principal
27 satisfied customers
An inherited annuity I pay tax on but is the full amount
An inherited annuity I pay tax on but is the full amount combined with my income and taxed again? … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I inherited $17,000 in 2016. Do I pay taxes on this? If so
I inherited $17,000 in 2016. Do I pay taxes on this? If so what form do I use? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,770 satisfied customers
Second opinion] Do I have to pay tax on money I inherit? If
Second opinion] Do I have to pay tax on money I inherit? If I take money that I will inherit from my father before he dies in the form of a loan is it taxable?… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
We need to know what is the inheritance tax for a real
We need to know what is the inheritance tax for a real estate property owned by a foreign individual, in the State of Florida with a value less than US$ 500.000?… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,770 satisfied customers
What is all the taxes on inheritance in belguim, My girl
My girl friend inherited $8.550000 now she has to pay tax on it before she can get the money. So far we have paid gov tax for $64.000 for gov tax, $85,000 for IMF and now they want $123,000 for biz tax what can we do without some of her inheritance money we can't pay, what can we do? … read more
taxmanrog
taxmanrog
Master\u0027s Degree
763 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x