[mophead]

My brother and I were owners with mother,, she died... we sold it for 69,000 we paid inheritance tax... so do we have to claim the money as capital gain? Will we receive a 1099S?? Thanks

[Handyman2007]

I believe that Capital gains are only of net gains over $500,000. The ceiling was changed a few years ago if my memory serves me right. I do not understand why you would pay an inheritance tax if you were an owner of the property to begin with.

[ScottGem]

What inheritance tax? There shouldn't have been any.

If you were already on the title when she died, then you only inherited her share of the property. That share should have been valued at the time of her death. That would become the cost basis for her share. To determine if you owe any taxes for the sale of the house you have to compare the cost basis with the sale price.

[mophead]

OK she bought the house for 43,000.. my brother and I sold it for 69,000 so the difference is what we have to pay capital gain on?? Thanks

[ScottGem]

No, its not what she bought it for it's the value when she died. And that's only for her share, you have to look at what you paid for your shares

I suggest you contact a tax professional to help you with this.

[AK lawyer]

Scott, you beat me to it. Had a similar answer almost done and my computer lost it. :(

[Fr_Chuck]

I agree, if you sold it soon after got it from estate, there really should be no tax on it.

And there should not have been any inheritance tax unless the rest of the estate had a lot more value. ** assuming that you are in the US

[mophead]

Thanks for the answers... I think we paid inheritance on part she owned so after her death we inherited her part of the house... well we never received a 1099 so I'm assuming there is no capital gain on the sale.