+1Jack Douglas wrote: ↑Sat Sep 09, 2017 11:11 amIt depends on the total value of her estate, not just the value of the house. You would do well to consult a tax attorney or accountant to get the correct information. If you are the executor you'll need those services to file the final tax return. Selling the house without knowing for sure what the tax consequences are could result in an unintentional tax burden for the three of you.
About 10 years ago I served as administrator for an estate and at that time the first 1.5 million was exempt from taxes. I don't know what's current.
Paying for professional advice was a good thing I did.
So, are you saying that I was mistaken regarding tax/loss on the sale of the house? It's my understanding that there is no tax (under 1mil) but tax/deduction on the profit/loss from the sale of the house.
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