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My husband is incarcerated he received 93000. Proceeds from

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sell of his moms house...
My husband is incarcerated he received 93000. Proceeds from sell of his moms house along with his sisters. The check came to me in my name from the sister. It is in my checking account. Do I have to now claim this as my income on my taxes?
Submitted: 1 year ago.Category: Tax
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10/15/2016
Tax Professional: taxmanrog, Certified Public Accountant (CPA) replied 1 year ago
taxmanrog
taxmanrog, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 875
Experience: Licensed CPA, MA, MST with 31 years' experience. Teach Accounting and Tax courses at Masters level.
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Welcome to Just Answer! Thank you for giving me the opportunity to assist you! I will do my best to help!

In order to answer that question, I need to know if the mom and sister are alive. If not, was he one of the beneficiaries of their estates?

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Customer reply replied 1 year ago
The mom has passed ten years. He and his 2 sisters were beneficiaries
Tax Professional: taxmanrog, Certified Public Accountant (CPA) replied 1 year ago

Then he will more than likely have some tax to pay. He has "basis" in the house would be his share of the fair market value at the time his mom passed away. He compares his share of the sales price to the basis, subtracts his share of the expenses, and the balance is long term capital gains.

For example, if the house were worth $150,000 when the mom died, and his share was $50,000, and it was sold for $300,000 with $21,000 of closing costs, his share of the sales price would be $100,0000. His share of the closing costs would be $7,000. So, his sales price, $100,000 less the $7,000 of selling expenses, less his cost basis of $50,000 would leave him with a $43,000 gain, which would be long term capital gain, taxed at 15%.

He would be subject to the tax. IF you filed returns as Married filing Separately, you would have no tax obligation for this, and there would be nothing you would owe on this transaction. IF you file as Married filing Jointly, then the IRS has what they call "joint and several liability", which means that even though it is his transaction, you are responsible for the tax just as much as he is, since you filed together.

I hope this answers your question! If you have any more, or have specific numbers, I will be happy to answer.

Thanks! Have a great weekend!

Roger

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Tax Professional: taxmanrog, Certified Public Accountant (CPA) replied 1 year ago

Hi! I was just following up to see if you have any questions. This question is still on my "open" list because you have not rated me yet. If you were satisfied with my services, please rate me highly. This will not change the fees that you paid, but it will close the question for me.

Thanks!

Roger

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taxmanrog
taxmanrog
taxmanrog, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 875
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Experience: Licensed CPA, MA, MST with 31 years' experience. Teach Accounting and Tax courses at Masters level.

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