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alexander9
Feb 17, 2007, 08:38 AM
My Mom sold her house and three days later she died.
I am an only child and sole heir.
When I went to the closing I found she had put my name on the deed to the house with her as joint tenants after my Dad had passed away in 1998.

I was given two checks for the sale price. One in my name for half the sale price and one in the name of my Mom's estate for the other half.
I was not given a 1099S or received one in the mail.
Do I have to report this on my taxes? Will I owe taxes on any part of this money?
Thanks,
Alex

AtlantaTaxExpert
Feb 17, 2007, 04:10 PM
Alex:

There are NO taxes due on your mother's side of the house.

If you lived in the house for two out of the past five years, then no taxes are due on YOUR side either.

If not, you owe capital gains taxes, probably at 15%.