I've received a 1099-S for the proceeds but was under the impression that inheritance under a certain dollar amount does not need to be reported on your taxes.
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02-03-2008, 12:09 PM #1Josh MGuest
Do the proceeds from the sale of an inherited home need to be reported on your taxes?
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02-03-2008, 01:13 PM #2researcherGuest
Yes, it needs to be reported. Depending on the amount, some of it may be taxable. (See the gift tax law in your state.)
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