Comments on: How do I file the tax information on a piece of realestate that was sold? It was put into 3 peoples names.? http://www.stadinluomu.net/realestate-sale/how-do-i-file-the-tax-information-on-a-piece-of-realestate-that-was-sold-it-was-put-into-3-peoples-names Thu, 15 Jul 2010 22:46:17 -0400 http://wordpress.org/?v=2.8.4 hourly 1 By: tappinsteve http://www.stadinluomu.net/realestate-sale/how-do-i-file-the-tax-information-on-a-piece-of-realestate-that-was-sold-it-was-put-into-3-peoples-names/comment-page-1#comment-890 tappinsteve Tue, 10 Nov 2009 23:55:59 +0000 http://www.stadinluomu.net/realestate-sale/how-do-i-file-the-tax-information-on-a-piece-of-realestate-that-was-sold-it-was-put-into-3-peoples-names#comment-890 If the house was already in the children's names, then there was no inheritance. Therefore it would be considered a sale of real estate. I believe the basis of the house would have been the basis on the date of the transfer, not the appraised value. Don't forget to add the cost of any improvements to the original basis. For more information go to the IRS website and download Publication 523 - Selling Your Home. If that doesn't help, call the IRS directly.<br><b>References : </b><br>www.irs.gov If the house was already in the children’s names, then there was no inheritance. Therefore it would be considered a sale of real estate. I believe the basis of the house would have been the basis on the date of the transfer, not the appraised value. Don’t forget to add the cost of any improvements to the original basis.

For more information go to the IRS website and download Publication 523 – Selling Your Home. If that doesn’t help, call the IRS directly.
References :
http://www.irs.gov

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