 |
|
| Browse | Ask | Answer | Search | Join/Login |
|
|
||||
|
Sale of Inherited House overseas
My husband is a US citizen of Costa Rican descent. Before she died, my mother-in-law (NOT USC or LPR) signed her house over to my husband. She died shortly thereafter and now he is selling the house and will divide the money among the heirs. Some of the heirs are US citizens (like my husband) and live her; some are Legal Permanent Residents; some are neither citizens or residents of the US and live in Costa Rica.
Does ANYONE owe taxes on this money? Would it be different if the house had been left to the family in a Will? Thanks! |
||||
|
||||
|
As ATE states, there is no gift tax involved.
However, if there is a gain on selling the house, you might have to pay taxes on that , depending how high the gain and if that was your primary residence. You need to determine the basis of the house. This is done differently for gifted and inherited property. See here: Tax Basis of Inherited and Gifted Property - FindLaw You can exclude up to $250000 of gain from being taxed. Have a look here. And of course take into account that the money was shared, so not the entire money is attributable to you/your husband. |
||||
| Question Tools | Search this Question |
Add your answer here.
Check out some similar questions!
My mother died last year and she left me her house which was under a reverse Mortgage. I plan to sell the house, pay off the reverse mortgage and keep the remaining Profit. What percentage capital gains would be applied to the profit from the house Sale?
My father purchased land in 1950, built on the property where he and his wife (my mother) lived until his death in 1979 at which time my mother assumed the full deed. Over several years during the late 1980's, my mother gifted undivided parcels of all the land to her 5 children. We five now are in...
My wife was willed a house upon the death of her parents. The county valued the house at 142,000 at time of probate. The house was sold for a net of 115,000 after all fees. What are the tax consequences? Thank you.
Expounding on question/answer "We inherited 1/2 interest in my husband's family home when his mother died in 1990. He sold his interest in the house to his nephew in 2007. Do we have to pay taxes on the sale?" "Yes - assuming that the amount he sold it for is more than his cost basis he would have...
We inherited 1/2 interest in my husband's family home when his mother died in 1990. He sold his interest in the house to his nephew in 2007. Do we have to pay taxes on the sale?
View more questions Search
|
