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Is the sale price of a deceased person's residence income to the estate in the United States?
Wiki User
∙ 12y ago
Maybe. In most cases there will be no income. It is one of the bigger holes in the US tax code. The house will be given a basis, its value on a specific date. The executor gets to choose a date, sometime within 3 months of the death of the deceased. That value is the basis for the sale and if the home is sold for that value, the total estate value remains at the same level with no change. If the estate is around for a while and the home isn't sold for a year or two, and the value goes up, the difference will be a capital gain and will be taxed as income.
Example: Joe bought a house in 1952 for $22,000. When he died in 2010, the house was appraised for $122,000. When the estate sold it in 2012 they got $125,000 for it. The $3,000 difference is a capital gain and income.
Note: The hole in the tax law is no one pays income tax on the $100,000 gain in value of the home!
Wiki User
∙ 12y ago
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