Lisa Confused
Junior Member
What is the name of your state? South Carolina and New York
Mother died 1 year ago and the closing on her house is next week. The inheritance was to be divided between 5, but 2 have decided to give their share to their mother.
Since some of us need to be reimbursed for expenses, we decided to have the money sent to my account in NY and I will disburse the monies after all bills are satified. This leaves possibly $1,000 each, although I am not exactly sure yet.
My question is, since the 2 are giving their share to their mother, will they still have to pay tax on their share of the sale of the house?
Actually, since I see so many conflicting answers on the web, will any of us have to pay?
Mother died 1 year ago and the closing on her house is next week. The inheritance was to be divided between 5, but 2 have decided to give their share to their mother.
Since some of us need to be reimbursed for expenses, we decided to have the money sent to my account in NY and I will disburse the monies after all bills are satified. This leaves possibly $1,000 each, although I am not exactly sure yet.
My question is, since the 2 are giving their share to their mother, will they still have to pay tax on their share of the sale of the house?
Actually, since I see so many conflicting answers on the web, will any of us have to pay?