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-   -   We sold my dad's house on January 11, 2010. What is our tax liability ? (https://www.askmehelpdesk.com/showthread.php?t=541624)

  • Jan 7, 2011, 02:08 PM
    RGadd
    We sold my dad's house on January 11, 2010. What is our tax liability ?
  • Jan 7, 2011, 02:19 PM
    ebaines

    I assume you inherited this property - please correct me if I am wrong. For the sale of inherited the property you need to compare the amount of proceeds you received in the sale against the fair market value of the property as of the date of death of your father to determine whether you have a gain or loss. If a gain, you report the sale on Schedule D, and will pay capital gains tax on the amount you made. If it's a loss, you don't report anything (losses on the sale of personal property are not deductible).
  • Jan 9, 2011, 04:27 PM
    AtlantaTaxExpert
    If your Dad is still alive and he lived in the house for two of the last five years as his primary home, then the $250,000 of thje PROFIT from the sale is EXEMPT from taxes. You do not even have to report the sale, as the IRS considers it a NON-event tax-wise.

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