Q: I am the administrator of my moms estate. She only had a home. The home has been sold. Do I have to pay any taxes to IRS
And what form do I need file with IRS
A:
In general, you would only need to pay taxes on any proceeds from the sale of the house attributable to a gain in value from the date of your mom’s death until the date of sale. The term describing this is “step up basis.”
Typically this doesn’t happen unless a long period of time has passed because of applicable exemptions.
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