My dads house was gifted to my brother and I before he passed. After he passed my brother and I sold the house. we split the proceeds now trying to do my taxes and not sure how to claim the house proceeds for my portion. Also the house was in another state do I do taxes for that state also?
@woskie70 wrote:
My dads house was gifted to my brother and I before he passed.
You need to consult, in person, with a tax professional experienced in gift and estate matters.
Your basis would ordinarily be a carry over basis from your dad but if the transfer occurred shortly before his death, the gift might be added back to the estate and, as a result, your basis would be the fair market value on the date of death.
Again, consult with a tax professional for this matter.
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