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sharmoren0112
Level 4
January 29, 2024
Question

Can you please tell me what the tax consequences are for inheriting $125,000 from the sale of my mom's house?

  • January 29, 2024
  • 1 reply
  • 3 views

I'll inherit about $125,000 this year on the sale of my mom's personal residence. Can you please tell me what, if any, tax consequences will be on that event? Please also tell me where I'd research this topic in Pro Series or the IRS website (any publications I should look at). Thank you!  

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    1 reply

    abctax55
    abctax55
    Level 15
    January 29, 2024

    google inheritance?  

    And a bone, google stepped up basis too

    HumanKind... Be Both
      S
      sharmoren0112Author
      Level 4
      January 29, 2024

      No on google. All mom's assets were in a trust. does that make any difference?

       

      abctax55
      abctax55
      Level 15
      January 29, 2024

      wow... google inheritance Mom's house generates MANY hits.

      I'm bowing out now, good luck.

      HumanKind... Be Both
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