My mother passed away in 2002 and left me and my 2 siblings 2 pieces of property and a house she held the mortgage on. In 2007, we received money from the sale of the 2 pieces of property that were sold and money from an insurance check on the home that burned down in 2007. All of the money was...

How do I determine the taxes owed on property sold that was severely damaged by Hurricane Katrina? The house was flooded by Katrina's storm surge, and my father lost his life that day. The estate has closed and my sister and I inherited the property. Prior to the storm the home FMV was...

My father died and left property in trust for my mother, my brother and I. (40 years ago.) My mother dies in 1989, and the property transferred to my brother and I. The trust was dissolved in 1994. I have paid taxes on this property continuously. The property value has increased 10x. It...

My brothers and I (4 of us) each inherited equal portions of my mother's house when she died. We sold the house shortly after the estate was settled and each of us received ~ 18,000 (there was no mortgage). Now, I am aware that any gain is taxed as long term no matter how long we owned it, since it...

My siblings and I inherited our parents house after their death. It was in poor condition. We had it appraised for $132,000 and sold it for $125,000. Do we owe any federal income tax on it? All I have read so far indicates that we do not. But, how to we file, since the mortgage company that...