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Paying taxes on realestate
My grandmother past away in January of 2007. Everything was left to my mother after the probate was over the attorney had the house deeded to me for 10.00. So it was like I had paid my mom 10 dollars for it. Then it was sold. I am wondering if I am going to have to pay taxes on it.
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You are worrying about payng taxes when you only paid l0. For it. I am sure it will all come out in the wash. Have you got a closing statement from your lawyer. I am sure everything you have to pay before you get your payment on closing will be outlined. If you went through a lawyer, he would be the one to disburse all monies owing from the sale.
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You will pay ZERO tax on the sale, as it was a GIFT from your mother to you.
However, it could be treated as an inheritance from your grandmother to you, with your mother basically renouncing the inheritance in your favor. This is a legal issue, so you best ask the attorney about that. If so, the tax BASIS for the property is the stepped-up Fair Market Value on the date of yor grandmother's death, in which case the costs of the sale will probably completely wipe out any capital gains from the sale. You may have to report the sale using Schedule D, but no taxes should be due. I am a bit surprised this was not explained to you by the estate's tax consultant. |
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