QUESTION
My mother past away last year and my brother and I sold the property as trustees. since we inherited the property do we have to pay taxes on the fund
Asked on Mar 30th, 2017 on Estate Planning - California
More details to this question:
what type of taxes do we pay? I still have received a 1099 for the sale of the property. It was a reverse mortgage.
1 ANSWER
Estate Litigation Attorney serving Redlands, CA
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Price Law Firm, APC
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You should have received a "step-up" in basis of the property to the fair market value at the date of death. Consult with your tax return preparer to determine if you will have any gain on the sale.
Answered on Mar 30th, 2017 at 9:39 AM