My mother passed away in Nov of 2006 and left her home that was in trust to myself and my two sisters. We sold the property in mid 2007. Is there any tax owed on the sale of the home? The house was in trust, so don't know why there would be. But read on IRS site that we must fine the basis of the...

My wife and brother-in-law inherited their father's home upon his death 6 months ago. Brother-in-law wants to purchase my wife's share. Brother-in-law is also executor. How do we establish basis, FMV and report sale between siblings of inherited real estate? The plan at the moment is to get...

We are selling the farm/residence we inherited from my father.what taxes are we going to be required to pay here in Virginia?

My father passed away in 2005 and bequeathed his annuity to me and my sister. The funds (approximately $16,000 each) were distributed in 2006 and his estate paid the Federal and Colorado State taxes on it before my sister and I received our share. Because I deposited the entire amount into the...

I inherited property from step mother who had life estate of property which belonged to my father. My brother had already past away but had two daughters so I received 1/2 and they 1/4 each. Do I have to figure taxes on my half? Do I have to pay taxes on it or report it on my taxes? Thanks for your...