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    mialacey1's Avatar
    mialacey1 Posts: 1, Reputation: 1
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    #1

    Mar 2, 2013, 10:23 AM
    My mom died this year in florida/ i sold her home/ what kind of taxes will i owe
    My mom died this year/ she lived in Florida/ she left me everything in her will, I am her only heir/ I sold her home for $122,000 through real estate, came away with $111,000 after brokers take , taxes, when filing income tax this year with my husband, both of us are retired, what will I owe the IRS? Will his be filed under inheitance tax, capital gain, income. ( I felt the home was worth more money then sold, but because of the economy, we got less then its true value.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #2

    Mar 2, 2013, 11:13 AM
    You will owe nothing.

    The sale has to be reported using Form 8949 and Schedule D. The estate transferred the house to you, and, as a result, the basis was "stepped up" to the Fair Market Value at the time of your mother's death. When you add the cost of the sale (commissions, closing costs, etc.) to the basis, you probably had a loss on the sale, but you cannot deduct the loss because the house is considered to be personal property.
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