Q: Sister sold deceased father's home in Florida. Do I owe tax on this? Some tax sites say no according to my income...
I live in Florida. My dad passed away, last year my sister sold his home (also in FL). My proceeds of the house sale was approx $15,500. My annual gross income was $28,000. I haven't received a 1099-S in the mail. Do I owe taxes on this? Could not find out how to file it on TurboTax. Numerous websites said if your income was under a certain amount, the taxes owed are 0%. Any ideas? Thank you!
A: You have to determine the gain on the sale, not just your proceeds. Then you'll want to report it either way. If your income is below the standard deduction, or if the holding period was greater than one year your long term capital gain bracket may be zero. TurboTax is not going to be able to handle that transaction and h&r block will just overcharge you and get it wrong. I'd try to find someone local to run the return just to avoid IRS headaches in the future. I'm one of the extremely rare tax attorneys that also do returns if you don't mind working with someone remote shoot me an email.
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