how to claim sale of house?

Question

My father died over 15 years ago.My step mother just sold the family home..DAD DID NOT HAVE A WILL by law I got a third how do I count this on my tax return

Answer 1

Schedule D Capital Gains and Losses.

For date of purchase, put "INHERIT"

For purchase price, put 1/3 of the value of the home at the time you inherited it, plus 1/3 of any improvements made to the home since you inherited it.

For sales price, put 1/3 the sales price of the home, net of sales commissions.

The gain is then transferred to Form 1040. Your gain will be taxed as long-term capital gain, with a maximum tax rate of 15%.

Answer 2

you pick to the contact a criminal professional. The regulations determination from one state to a unique, and matter upon a lot extra data than you promises right here. The question is who owns the domicile, no longer who paid the expenditures. If his call is on the loan, then maximum possibly his call is on the domicile identify. which means you're able to have an uphill conflict, if a possibility in any respect, to instruct that you and he meant that the domicile develop into mutually owned. Failing that, you're in a position to instruct that he owes you a debt to pay lower back part of your contributions to the domicile. again, complicated. you've gotten extra luck in case you may instruct a worry-free regulation marriage, if you're in a state that acknowledges that. if so, a courtroom may note of you as joint vendors of the domicile in spite of the place of work artwork. that could want to signify the earnings is chop up 50/50, or that is chop up on some formulation depending on the domicile's appreciation. i'm assuming you probably did not signal any quitclaim in connection with the domicile purchase that disavows possession.