Do heirs in Texas have to pay tax on sale of home put into an account using a tax ID #.?

Question

We were told the sale of dad's home will have to be put into a bank acct using a tax ID #. Will tax need to be paid on this? Is there any other way to handle this? The entire estate is less than $120,000. The house sold for $90,000. A will was left with one child being the executor but all children are heirs and agree to the sale of the home.

Answer 1

If any tax is due, the estate would pay out of the proceeds before the heirs received anything. I don't know why the proceeds would have to go to a bank account. You should probably consult a probate attorney.