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Old 04-10-2015, 10:21 AM
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House Pending Sale but....

Hi,

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.

Thanks,

A concerned tax payer.



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Old 04-10-2015, 03:04 PM
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Join Date: Oct 2010
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Quote:
Originally Posted by ataxpayersquestion View Post

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.



A concerned tax payer.
in common sense, as you can see, most income you receive is taxable and must be reported on your 1040. The income is fully taxable and must be included in your income unless it is specifically excluded by law.I am not clear why your attorney said you may not have to pay taxes on this. I guess you need contact him for more accurate/clear answer on the issue.



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