Executor of mother's estate-condo-cleared about $87000-probated. Split equally with 3 sibs. What tax forms?

Question

Trying to find out if I have done everything properly. I opened a business account with a EIN#. Wrote 4 equal checks dividing the probated condo money and about $16,000 of my mother's personal bank account money which was already in my name too. Checks were approx. $26,000 each. Is there anything I have to do tax wise? Like provide any information to the IRS or my siblings for tax purposes. We all live in Ohio except one in Florida.

Answer 1

The basis of the condo is stepped up to the fair market value as of the date of your mother's death. If you sold it shortly thereafter, after figuring in sales costs, you may actually have a long term capital loss for tax purposes. You should file a fiduciary income tax return, IRS Form 1041 to report the sale and distribute any "paper proceeds" to the beneficiaries.

Answer 2

You should be OK - her estate was well below the limit where there would be an estate tax.

You might need to file a final federal tax return for her for the year she died. That's just a regular tax return but is marked "final return".