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    CARACOLA46's Avatar
    CARACOLA46 Posts: 4, Reputation: 1
    New Member
    		  
    #1

    Jul 10, 2012, 11:04 PM
    If my share after my mother sold the house was 13.500 only, I don't file taxes because
    If my share after my mom sold the house was 13,500 only, I don't file taxes because only have SS so even if I file to report that money after standard deduction and etc, will be no income taxablr, right?
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #2

    Jul 11, 2012, 02:19 AM
    No you do not file any tax return.
    If it is inheritance, there is no tax on inheritances.
    If it is a gift from your mother, the receiver of the gift does not pay any tax.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #3

    Jul 11, 2012, 07:42 AM
    I assume you were part ownr of a house you and your mother sold jointly.

    If so, and the house was NOT your primary residence for at least two of the past five years, then you need to report the sale on Schedule D and file it on Form 1040, even if no taxes are due.

    If, however, you lived in the house for two of the past five years, then you do NOT have to report the sale on your tax return because the profit on the sale falls well below the $250,000 exclusion amount for sale of primary homes.
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