gift tax?

[btrflydrm63]

What is the name of your state?Tn. Ok, I dont know what I am supposed to file. My father is not dead, but he went to jail for the rest of his life. He gave me and my two sisters his house and property, which we sold. Since he is not dead, but in jail is this considered inheritance and should be taxed? Or is it considered a gift and if so should it be filed on my return and is it taxable?

 

[Snipes5]

It's a gift. HE has to file a gift return, not you. You will probably have to pay tax on the sale, however, depending on his "basis" (how much he paid for the house, plus any gift tax paid).

Snipes