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Selling Father's House |
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My sister and are are trustees for our deceased father's estate. He died in November and his house is now on the market for $120,000. The remaining bank loan is $40,000. When the house sells, how will the proceeds be taxed? We will divide them equally but are unclear as to how they are to be claimed for income tax purposes. |
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I'm not sure what you mean by "trustees." If there was a trust involved, I can't answer your question. But if you simply inherited the house and are executors of the estate, then your cost basis for the house is its value at the time of death. If you're selling for about that same amount, there won't be any taxable profit. |
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Edith
Originally published on February 3, 2008 |
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