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    john11783's Avatar
    john11783 Posts: 2, Reputation: 1
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    #1

    Jan 7, 2013, 06:07 PM
    Siblings Inherited Parent's House
    My brother and I inherited our Dad's home in 2011.

    At the time of Dad's death the value of the home was 360K

    My brother bought my share of the home (50%) for 150K in 2012

    Will I be liable for any Federal Taxes when I file for 2012 for the 150K my Brother paid me?

    Thank-You for any help!
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Jan 7, 2013, 10:57 PM
    While you MUST report the sale on Form 8949 and Schedule D, no taxes will be due because the sale was technically for a LOSS. The basis is $180,000, and you sold it for $150,000. You will NOT be allowed to deduct the loss, however, because it was a personal property.
    john11783's Avatar
    john11783 Posts: 2, Reputation: 1
    New Member
    		  
    #3

    Jan 8, 2013, 09:01 AM
    Thank-You very much for this helpful information!
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #4

    Jan 8, 2013, 10:36 AM
    Glad to help!
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