Posted on: 04th Jan, 2008 09:07 pm
My father passed away and left his home to myself and my 5 siblings. I had them buy me out because I had no interest in the home. It is worth 30k I received my share 5k, do I need to declare this money anywhere on my taxes.
Hi,
As far as I know, that has to be mentioned for the tax purposes.
As far as I know, that has to be mentioned for the tax purposes.
Hi blueman,
Welcome to the forum.
I think you have to pay tax on that amount because it will be considered as your income. IRS will demand tax on it.
Thanks,
Larry
Welcome to the forum.
I think you have to pay tax on that amount because it will be considered as your income. IRS will demand tax on it.
Thanks,
Larry
I believe that you would have to declare these on your taxes. You tax professional should be able to let you know for sure.
Actually now that I think about it, the IRS wants you to claim everything. If you found a dollar on the street they would probably want to to claim it on your taxes.