Question

Will I be taxed on money inherited from the sale of my deceased father's residence?

Forum|Forum|4 years ago
July 29, 2021
1 reply
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TurboTax Online

Employee

You did not phrase the question in a way that it can be answered.

If the estate sells the home and you receive cash, that's not taxable. (Any taxes that might be due would be paid by the estate.) If you receive the home and sell it, the proceeds are probably not taxable, but more facts are needed, like when did your father die and when are you planning to sell, and did the value change during that time?

W

wendybailey1975Author

My father died last year without a will and therefore I was entitled to 25% of the proceeds from the sell of his home. His home was located in Texas and I live in Kansas. I was not even contacted until there was a contract on the home and was not even aware I would be entitled to any of the proceeds until then.

Critter-3

Well then is sounds like the home is being sold by the estate if you don't need to sign paperwork as an owner ... the property could not be "under contract" without your signing the listing paperwork as a owner. Talk to the folks in charge of this sale to see where you stand ... are they filing an estate return and will you get a K- form ?