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I sold a house that was left to me and my siblings. Do I…

I sold a house...

I sold a house that was left to me and my siblings. Do I claim that

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

My mother died left the house to 3 of us. We each received $15,333 do I need to claim on my taxes

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Answered in 5 minutes by:
3/18/2018
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,761
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

If all of you inherited the house and then sold it, you will each report the sale on your respective tax return.

You may pay capital gains tax on any GAIN, not necessarily the amount of money you each received.

Gain is the difference between the cost basis and the sales price. Because you inherited the property, the cost basis gets stepped up to the fair market value as of the date of death.

For example, if the fair market value of the house was $100,000 on the date of death and you sold it for $120,000, you would have a gain of $20,000.

Of course, you will each report 1/3 of the basis, sales price, etc. on your respective tax returns.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Customer reply replied 1 month ago
How do I find out the fair market price of the house. I believe we sold it for 20,000 under

Any local realtor should be able to tell you what the fair market value of the house was.

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Customer reply replied 1 month ago
Ok thank you

My pleasure.

My goal is to provide you with excellent service. Please take a moment to rate my answer with a 5-star rating to let me know that I have achieved my goal.

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Customer reply replied 1 month ago
Another question. Is the house considered a second home. We never lived in it

That's right.

Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,761
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
Verified
Barbara and 87 other Tax Specialists are ready to help you
Ask your own question now

Thank you for the positive rating of my answer. It is very much appreciated.

Enjoy the rest of your weekend!

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Customer reply replied 1 month ago
Sorry to keep bothering you. I am doing my taxes on turbo tax. I can't find where to put the sale of a second home anywhere. It keeps taking me back to original home

You're not bothering me at all.

Here's the step by step instructions:

Follow these instructions:

  1. Open your return in TurboTax.
    (To do this, sign in to TurboTax and select Take me to my return button.)
  2. In the search box, search for sold second home (use this exact phrase) and then select the "Jump to" link in the search results.
  3. Answer Yes on the Did You Sell Any Investments in 2017? screen.
    • If you land on the Here's the investment sales info we have so far screen, select Add More Sales.
  4. Answer No to the 1099-B question.
  5. On the next screen, select Second Home (choose this also for inherited homes) or Land. Select Continue.
  6. Follow the on-screen instructions to completion.
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Customer reply replied 1 month ago
Thank you

You're welcome.

Let me know if you have any problems going through it.

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Barbara
Barbara
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Category: Tax
Satisfied Customers: 5,761
5,761 Satisfied Customers
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.

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