• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

Inherited family home

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

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 :confused:



Post this in the tax forum and tell them we sent you over so you don't get nastygrams for double posting.

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential