Question

I had to sell a house in an estate to pay for estate debts. Are capital gains due? If so, who pays, the estate or heirs when they get the remaining balance?

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If you are having these kinds of questions I highly recommend you seek out local professional assistance in these estate matters.

If you have not done this before then you need education :

A few tidbits:

1) a final personal return must be filed for the decedent.

2) the estate needs an EIN since it has income and/or assets to dispose of

3) if the estate sells the home then cap gains gets paid either on the estate level or may possibly be passed to the heirs

4) basis step up needs to be calculated on all assets

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