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Sold my Mothers home proceeds to be split with 2 bothers.

Sold my Mothers home...

Sold my Mothers home proceeds to be split with 2 bothers

Accountant's Assistant: When was the property or asset sold?

Last week

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Answered in 2 minutes by:
6/23/2018
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 6,688
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.

Please post your specific question and specific details.

Was the home an inheritance?

If so, who inherited it?

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Customer reply replied 1 month ago
I have been trustee on house since my mothers passing now is sold and I have 2 brother to share is small home need to know easiest way to handle it
Customer reply replied 1 month ago
I have been trustee on house since my mothers passing now is sold and I have 2 brothers to share is small home need to know easiest way to handle it

Any money from the sale proceeds that are given to your brothers are gifts, and gifts are not taxable to the recipient (receiver) in the U.S.

The donor (giver) of the gift will have a REPORTING requirement if the amount is more than $15,000, but no tax will be due unless the lifetime gift cap of $11+ million has been exceeded.

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Customer reply replied 1 month ago
We are only talking $105.000 for this home

I understand, but as I mentioned, any gift over $15,000 must be reported using Form 709. There is no tax due from the recipient on the amount of the gift, and no tax is due from the giver of the gift unless the lifetime gift cap of $11+ million has been exceeded.

Barbara
Barbara, Enrolled Agent
Category: Tax
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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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