What is the name of your state? Ohio
My Mother passed away in April, 2004 and we just sold her house for $115,000 and the whole estate is worth less than $225,000. We received a federal id number for the estate so that my SS # nor her SS # is used for the checking account or anything else. The closing company used the federal id number for the 1099-S.
Is there any tax implications on the sale and will I have to file a return for this next year. I am fairly sure that there are no taxes involved in the estate because of the low value but I am not sure about this 1099-S and what it may require me to do as far as filing or maybe even tax. It was sold at below appraised value but I don't believe we can take a capital loss since there are no taxes involved as far as I know. Does this sound correct? Thanks
My Mother passed away in April, 2004 and we just sold her house for $115,000 and the whole estate is worth less than $225,000. We received a federal id number for the estate so that my SS # nor her SS # is used for the checking account or anything else. The closing company used the federal id number for the 1099-S.
Is there any tax implications on the sale and will I have to file a return for this next year. I am fairly sure that there are no taxes involved in the estate because of the low value but I am not sure about this 1099-S and what it may require me to do as far as filing or maybe even tax. It was sold at below appraised value but I don't believe we can take a capital loss since there are no taxes involved as far as I know. Does this sound correct? Thanks
Last edited: