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

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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: 25 days ago.Category: Tax
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3/27/2018
Tax Professional: Barbara, Enrolled Agent replied 25 days ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,784
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.

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

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Tax Professional: Barbara, Enrolled Agent replied 25 days 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.

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Barbara
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,784
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Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.

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