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Parents Property Sold Income


unodish

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Hello,

Last year, my brother and I sold our parents house since both have passed.  My Dad had done a quit deed in 2008 after my mom passed and the house was in my brothers and my name on the title since 2008.  My dad purchased the house for $28000 back in 1977 and we sold it for $130000 last year.  My brother and I both split the funds to about $64000 each.  How would this play out in filing my taxes this year please?  I've heard or read that the price difference of the house is based on when the house was transferred in 2008.  I read that an CPA would have to figure what the price was in 2008 of the house and then calculate the difference based on the selling price in 2018.  For example if the house was worth $120,000 in 2008 and we sold it for $130,000 in 2018, my and my brother would be paying taxes on the $10000, so $5000 each.  Is this correct, just trying to figure all this out.   Thanks in advance.

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@jklcpa I think we need to ask Eric for a section in the site that allows for these questions to be answered for a fee.   When these non-professionals come to the site, they could be required to put up a credit card, and then we could generate revenue for the site by answering questions.   We could do bids to see who will do it for the least amount.   Nice way to fund the site?

What do you think?

Oh, unodish, in about 20 minutes the moderator is going to post the terms of the site you agreed to and lock the thread.   We are not a free advice service.   This is a site for professionals who help each other, not the general public.   You need a tax professional to answer your question.

Tom
Modesto, CA

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