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My mom just past away and I am co owner of her mobile home, ...


Sent to Tax Experts May 08 4:15 p.m.
My mom just past away and I am co owner of her mobile home, that just sold. My mom asked me to split it with my 2 siblings. Are they responsible for the taxes? What kind of taxes do I have to pay verses them?

Optional Information:
Montclair, California
Customer (name blocked for privacy)
Status: Closed   Value: $30   
Answer
May 08 4:27 p.m. (12 minutes and 1 second later) 		ACCEPTED Check Mark

You need to separate part of the house that you owned and part of the house owned by your mother that was inherited.

For income tax purposes inheritance is not taxable income neither on federal level nor in California regardless the amount - as a recipient of inheritance you do not need to claim it as income. There is no any amount limit. Please see for reference IRS publication 525 page 30 - http://www.irs.gov/pub/irs-pdf/p525.pdf

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PictureLEV  -- Tax Preparer -- 99% Positive Feedback on 4452 Tax Accepts
Taxes, Immigration, Labor law		7/9/2008 to 7/16/2008

Reply
Sent May 08 4:49 p.m. (22 minutes and 10 seconds later)
It was just sold and I had the escrow divide it 3 ways. We each got 19,500.00. So does this mean I will not have to pay any taxes due to the fact I was co owner?
Customer (name blocked for privacy)
Info Request
May 08 4:59 p.m. (10 minutes and 14 seconds later)
To determine your gain - we need to know if you purchased the property and what was the purchase price?

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Reply
Sent May 08 5:04 p.m. (4 minutes and 16 seconds later)
I did not purchase the property. My mom only put my name as co ower when she bought it. I lived with her for 7 years and paid rent. When my mom past away 2 months ago the mobile home became mine as co owner. My mom asked me to sell it and give each of us a 3rd of the money. The mobile home sold for 69,500.00. Paid for repairs out of the sale
Customer (name blocked for privacy)
Answer
May 08 5:19 p.m. (15 minutes and 16 seconds later) 		ACCEPTED Check Mark

Thank you for clarification.

As you owned and used the property more than two years out of last five before the sale - your gain is not taxable and you do not need to report the sale transaction on your tax return.

As the mobile home sold for 69,500.00 - half of that owned by you - $34,750 - and another half included into your mother's estate.

Assuming your mother's estate was divided equally between your siblings - $17,375 each.

From the part you owned $34,750 - you paid to each sibling $2,125 - that may be considered as your gift, and paid for repairs $11,000.

There will no nothing taxable and nothing should be reported on anyone tax return.

Please provide the information above to your tax preparer for considerations.



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PictureLEV  -- Tax Preparer -- 99% Positive Feedback on 4452 Tax Accepts
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Reply
Sent May 08 5:22 p.m. (3 minutes and 41 seconds later)
Sorry, I lived there from 1992 to 1999 then bought my own mobile home in the same park and continued to take care of my mother. By the way you have been a great help. I want to add to the 30 I alreay paid.
Customer (name blocked for privacy)
Answer
May 08 5:32 p.m. (9 minutes and 11 seconds later)
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Reply
Sent May 08 5:33 p.m. (1 minute and 7 seconds later)
Just rent the property
Customer (name blocked for privacy)
Answer
May 08 5:57 p.m. (23 minutes and 50 seconds later)
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Reply
Sent May 08 6:00 p.m. (3 minutes and 48 seconds later)
Your good. The mobile home was purchased for 62,000.00 at that time. Lots involved because my mom trusted me and put my name on it. But yet I had to split 3 ways.
Customer (name blocked for privacy)
Answer
May 08 6:13 p.m. (12 minutes and 34 seconds later)
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Sent May 08 6:19 p.m. (5 minutes and 59 seconds later)
I want to add another 50.00. You have answered questions that I have been trying to find out. How to I do this?

Edited by Customer (name blocked for privacy) on May 8 2008 at 6:25pm
Customer (name blocked for privacy)
Reply
Sent May 08 6:29 p.m. (10 minutes and 5 seconds later)
Thank you very much. I found out how to apply more funds. You have been more then patient in answering my questions. Have a great evening.
Audra
Customer (name blocked for privacy)
Answer
May 08 6:34 p.m. (5 minutes and 24 seconds later)
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