Thread: 1099-S? Sale of deceased relatives home
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Old 02-02-2008, 10:37 PM   #11
007 007 is offline
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Quote:
Originally Posted by GoBo
Hmmm...according to this it isn't taxable income, which surprises me.

http://www.sacbee.com/static/weblogs...s/cat_irs.html

Deceased mother's home

Question: I received money from the sale of my deceased mother's home. It was given to me by her will along with 3 siblings. After the sale the title company issued each beneficiary a 1099-S indicating a 4th of the money. Does this income have to be claimed since it was an and the will specified the house would be sold and divided 4 ways.

Answer: The title company is required to tell the IRS when there is a transaction. In your case the money you received from the estate is not taxable.
yeah, they did away with the "death tax" (inheritance) as long as it was under $250,000 single or $500,000 married.
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