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I am selling my Mothers house which I inherited. I will be

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Hello, My name is *****...
Hello, My name is ***** ***** I am selling my Mothers house which I inherited. I will be sharing the inheritance with my sister and my brothers deceased 2 sons. I have no idea what I should do with this form 593-E. We each have received a form 4 forms total.
JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?
Customer: Not that I know of.
Submitted: 1 year ago.Category: Tax
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Answered in 3 minutes by:
9/13/2016
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 year ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 12,885
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Hi. My name's Lane. I can help you with this.

...

I hold a law degree, with concentration in Tax Law, Estate law & Corporate law, an MBA, with ssecialization in financial accounting & tax, a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986

...

Bear with me a moment while I prepare your answer

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 year ago

OK this is where you'll report your capital gain on sale ... Each of you will report your proportionate piece (1/4, I'm guessing - depending on the will or other directive).

...

Selling price goes on line 1 and then your basis -which would be the fair market value of the house (your proportion OF it) on the date of your mother's death, goes on line 4

...

Most times when a property is sold fairly quickly after the date of death, a year or two, real estate prices haven't gone up.

...

So it's POSSIBLE that (once you enter the selling costs, such as sales commissions on line 2) each of you will have a small loss.

...

Let me know what questions myou have from here.

...

Lane

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Lane
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Category: Tax
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