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Inheriting money from the sale of a house. Is it considered income for tax purposes?
Inheriting money from the sale of a house. Is it considered income for tax purposes? My mother recently passed away and owned a house outright. The sale of the house is going to be split 3 ways between my 2 brothers and me. The funds will be in the range of $180,000 each. Will this be considered income that will be taxable? We are looking for a CPA to advise us on other matters snd this came up in conversation. We live in AZ.
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