Lady Bird Deed

My father passed away February 2010. He had a lady Bird deed on his home in Texas naming myself and brother as the grantees to his home which transfered the deed into our names upon his death. We sold his home each recieving $18,000.00 after paying off the mortgage. Do we have to report this on our income tax return? If so how? Is this considered inheritance,or capitol gain or do we have to report it at all??

Click here to post comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Income Tax Questions.


Please subscribe to my monthly newsletter, Bookkeeping Basics E-zine. It tells you each month about the new information that I have added, including some great tips and advice from myself and other Bookkeeping Basics readers.


Enter Your E-mail Address
Enter Your First Name (optional)
Then

Don't worry — your e-mail address is totally secure.
I promise to use it only to send you Bookkeeping Basics E-Zine.


Like Bookkeeping-Basics.net?