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I live in Alabama. My dad passed away and left four siblings…

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Hello, my name is ***** *****, I live in Alabama.

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My dad passed away and left four siblings to equally divide the proceeds from the sale there of. We each got $15,000. Will there be a capital gains tax to pay? Lets say he left the house to my sister with instructions to divide the sale proceeds equally. Will she be responsible for capital gain taxes?

Accountant's Assistant: Is there anything else the Accountant should be aware of?

Not unless he has a specific question for me because he needs more info.

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Answered in 5 minutes by:
3/15/2018
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,645
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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When you inherit property you use the fair market value of the date the person passed away as your cost. If you sale within the year there is usually no gain. No gain means no tax because you are only taxed on the gain.

If one person inherited and shared the proceeds then the one person is responsible to report the sale.

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Customer reply replied 1 month ago
We did sell the house within a year of his death and it was sold for market value. So if I understand correctly, and provided the house wasn't left to just one of us, there wouldn't be capital gains taxes levied on any of us individually or collectively?

If the house was inherited by all you split the cost and sale price and you each report your share. There may even be a loss to report when you subtract any sale costs form the price.

Someone has to report. That is the person or persons that inherited and sold.

Robin D.
Robin D., Senior Tax Advisor 4
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