Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

My husbands father passed away several years ago, and last…

Customer Question
Good morning, My husbands...

Good morning, My husbands father passed away several years ago, and last year his mother sold their family home. According to Louisiana law, 50% went to his mother and the other 50% was split among the 5 children.

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

Is this money taxable by IRS? and if so how do we list it on our tax returns?

Accountant's Assistant: Is there anything else important you think the Accountant should know?

The amount received by each child was $7000.

Submitted: 3 months ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 7 minutes by:
3/27/2018
Tax Professional: Barbara, Enrolled Agent replied 3 months ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 6,407
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
Verified

Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

Who actually sold the house? The mother? The estate?

If the children just received a check from the proceeds of the sale, inheritances are not reportable or taxable in the US.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

Ask Your Own Tax Question
Tax Professional: Barbara, Enrolled Agent replied 3 months ago

Just following up with you to see if you have any other questions. If so, please let me know so I can continue to assist you.

Ask Your Own Tax Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Barbara Your Own Question
Barbara
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 6,407
6,407 Satisfied Customers
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.

Barbara 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

1,338 satisfied customers

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

Richard

Richard

Tax Attorney

4,512 satisfied customers

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

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 satisfied customers

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

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 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.

< Previous | Next >

Related Tax Questions
My dad passed away several yrs ago and me and my 3 other siblings
My dad passed away several yrs ago and me and my 3 other siblings sold his house in December 2014. We sold the house for 20,000.00 and each sibling got 5000.00 and a 1099S form. We got a cost basis of… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
My mom passed this year, father is surving spouse. They have
My mom passed this year, father is surving spouse. They have a trust and my sister is teh successor trustee. My family home was sold and my dad wants to divide the proceeds among his children. The tru… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
My husband and ex-wife were divorced in Nebraska a several
My husband and ex-wife were divorced in Nebraska a several years ago. The divorce decree states that each parent can claim one of the 2 children on taxes. A few years ago we all moved to Colorado and … read more
kcox79
kcox79
6 satisfied customers
Father gives full power of attorney to only surviving child
Father gives full power of attorney to only surviving child to manage property in MS - to pay mortgage on house and to accomplish transfer of house and land to said child as soon as possible. A couple… read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
my parents have owned a home for 40 years. my father died
my parents have owned a home for 40 years. my father died 4 years ago. they had an A-B trust, but i never retitled the house. she now wants to sell. as the house hasn't appreciated much in the last fe… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
My mother passed away a couple of years ago. It was her wish
My mother passed away a couple of years ago. It was her wish that my Step-Dad split the funds from selling their house with me. We just sold the house, it was in his name and he is planning on paying … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I sent a different question earlier this evening and I received
I sent a different question earlier this evening and I received the response from the first question a second time. I need to know what the inheritance tax rates are for French citizens, including whe… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
There is a split up with parents of children and the mother
There is a split up with parents of children and the mother hurry's up and file without dad knowing and then he files. They have 50/50 custody with children. how can that be corrected?… read more
socrateaser
socrateaser
1,031 satisfied customers
spouse die no will ..he have wife 4kids and 2 kids more with
spouse die no will ..he have wife 4kids and 2 kids more with x wife ....how how much every he take after his death from hi money for example he left 10thausnd dollar what every take… read more
Richard
Richard
Tax Attorney
Doctoral Degree
4,512 satisfied customers
My mother passed away over two years ago and we are getting
My mother passed away over two years ago and we are getting ready to put her house on the market. Before her death, she put one of my siblings on the title. Her will stipulated that the house proceeds… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
My mother in law passed away and the home that she lived in
My mother in law passed away and the home that she lived in will be given to my husband and my sister in law. They will be selling the home in 2009. When they sell what is the amount of tax that they … read more
Brad
Brad
Bachelor's Degree
122 satisfied customers
I am working on a new jersey inheritance tax return that
I am working on a new jersey inheritance tax return that involves many beneficiaries but is small. The decedent died intestate and a niece (in Chicago-I am in NJ) was appointed administratrix after a … read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
14 years ago, my mother deeded her house to all 11 of her ...
14 years ago, my mother deeded her house to all 11 of her children. She just went into assisted living and we have sold the house. What tax liability will we have for the proceeds from the sale. We di… read more
The Geezer
The Geezer
Master's Degree
120 satisfied customers
my brother and sister are holding money in an account ...
my brother and sister are holding money in an account from the sale of my mother home, she is in a nursing home and her home was sold over 5 yrs ago. My mother wants me brother to split up the proceed… read more
Wayne Brasch
Wayne Brasch
Accountant and Business Consultant
Master Degree
718 satisfied customers
My husbands father died about 5 years ago. He was a
My husband's father died about 5 years ago. He was a partner with his brother on some land. When he died his part went to his wife , my husband's mother. Well now they are going to sell the land and s… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
My mother and father owned a second home in Puerto Rico.
My mother and father owned a second home in Puerto Rico. My father died 15 years ago. My mother recently sold the property and discovered that by PR law, upon my father's death, 1/2 of the property we… read more
Sandi Hargrove, SkyHawks
Sandi Hargrove, SkyHawks
Master Tax Pro and Enrolled Agent
Master Degree
1,254 satisfied customers
My step-father lived in my mothers home after she ...
My step-father lived in my mother's home after she died (per her will) at his death the home was left to the four children. During this time our step-father mortgaged the property. At his death the mo… read more
Zhicheng Lai
Zhicheng Lai
Master Degree
426 satisfied customers
if a mother is deaceased and gets an inheritance from her ...
if a mother is deaceased and gets an inheritance from her deaceased father who would get it… read more
Sandi Hargrove, SkyHawks
Sandi Hargrove, SkyHawks
Master Tax Pro and Enrolled Agent
Master Degree
1,254 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