capital gains

Tax consequences of foreclosure and capital gains.

ADDITIONAL INFORMATION: My mom passed away in September 2014. Her mortgage co filed foreclosure a month later. $74,000 was owed on the original debt, but unpaid taxes and fees made it closer to $104,000. Property sold for a profit in June 2016 and her estate received a check for $10,000.   Mortgage co reported original debt of $74,000 and sale price of $114,00, meaning it looks as though her estate earned $40,000 instead of the $10,000 received.

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Will I have to pay income tax on my Mothers house that was in a revocable trust?

ADDITIONAL INFORMATION: I am sole heir in my Mothers revocable trust. She died in 2016, I sold her house in 2016. Will I have taxes to pay? ATTORNEY ANSWER BY MARGARET L. CROSS: Upon your mother’s death, the home receives a step up in basis to fair market value. By placing and selling the home on the market soon after your mother’s death, the basis will be presumed to be the selling price. You should consult

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