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toadstools-dcsharpe
February 5, 2025
Question

my father passed away. once his estate settled, I sold his house and paid off my house. should I enter those transactions somewhere in my taxes?

  • February 5, 2025
  • 1 reply
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    1 reply

    M
    MAK70
    February 6, 2025

    You would have to report the sale of your father's house if there was any gain on the sale.  There is a step up in basis to the value of the home on his date of death.  This amount would not be taxable income.  If you sold the house for more, you would have to report the gain (difference between your basis (date of death value plus any expenses for sales prep, fees, taxes paid etc.) and sales price.  For the TurboTax entry, please see Where do I enter the sale of a second home, an inherited home, or land on my 2024 taxes?

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