House Pending Sale but....
My father has a house that he added my name to when my mom died. I don't live there. It is in the City of Chicago.
Due to pending zoning issues (for the last two years now), we still have not actually sold the house, but we have someone who wants to tear it down (because it really news to be). Anyway, until the zoning is actually changed, we are getting a monthly check for $1,000.00 as a promisory type of thing I guess.
My dad is 80, and does not have a checking account. He signs the check, I sign the check, and put it in my account, then pay all his back taxes. We have finally caught up.
Now, I really don't use this money for me or him, since it is all going to previous tax payments. I still have to pay taxes on this too right? I ask because our lawyer said we may not have to pay taxes on this. I don't want to get into any trouble with the IRS.
Normally I file an ez form, because I really don't have anything.
A concerned tax payer.