Will I Pay???
I am executor to my mother's will. Have been through probate. Have 2 sisters. Just sold mom's house for $225K.
1. After I divide the proceeds will I have to pay taxes on my share of the money?
2. and if so...Do I have a time limit in which to invest the money before being taxed on it?
3. and if so...what sort of options do I have? CD's, IRA's etc?
I'm being told different things by different people.(none of whom are qualified of course)
I plan on consulting a tax advisor, but thought I could get a few answers online.