Linda Schneider
Junior Member
What is the name of your state? South Carolina but I live in Florida
My dad passed away in 2004. Five years prior to his passing he quit claimed the family home to me and 2 siblings. He remained in the home/life estate which stated in his will would go to us when he passed. I just received a 1099 that stated on line #5 that no state taxes were paid on the proceeds. Since this was my dad's primary home for 40 years what is our responsibility to the state and government? How do they calculate gains? And since this was not an investment property is it different? Each of us received 5 figures. Thank you, Linda
My dad passed away in 2004. Five years prior to his passing he quit claimed the family home to me and 2 siblings. He remained in the home/life estate which stated in his will would go to us when he passed. I just received a 1099 that stated on line #5 that no state taxes were paid on the proceeds. Since this was my dad's primary home for 40 years what is our responsibility to the state and government? How do they calculate gains? And since this was not an investment property is it different? Each of us received 5 figures. Thank you, Linda