Asked 3/10/2010
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Do we have to pay inheritance taxes on house sold that was left to children? Myself and 2 siblings were left my mothers house and cds.we sold the house in june.
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Answer 1/2 - Submitted 3/11/2010
Was the estate closed at the time of the sale? -- I'm just checking to see if the sale was of an estate asset, or if you and your siblings were already considered the owners of the property.
If the estate had closed, or the house had already been "distributed" to you and your sibs, then you would each show one-third of the sale on your personal tax returns on Schedule D. You would use "inherited" as the date acquired, and use one-third of the value of the house on the date your mother died (probably shown on a county probate form) as your basis (cost). Any gain or loss is considered long-term.
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