Glassy, We've been there, No tax on under 1 million, However, there is a possible tax or deduction related to the house.
The first question is/ What was the notarized appraised value of the house when your grandmother died (within 30 days)?
The second question/ What did you sell the house for?
Next/ If you sold it more more than the assessed value then the difference is considered profit and there is tax on the profit. Each of the beneficiaries will pay according to their proportion of the profit received.
Next/ If you sold it more less than the assessed value then the difference is considered a loss and there is deduction from your personal income tax reflecting the loss. Each of the beneficiaries will get a deduction according to their proportion.
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