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Old 06-16-2016, 11:20 AM
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Question Selling an Estate Home

We live in Michigan. My dad bought a house here a few years ago for $110K. He put me on the title of it so it could be easily dealt with when something happened to him. He passed last year. We recently sold the house to a family member for $125K. I am retired drawing a pension of $40K and working making about $20K. However I have siblings that are in the will that split any profits of the house with me. Will I personally be taxed on the profit of that house? I don't want to split the proceeds with my siblings, then get hit with a big tax bill at the end of the year. Thanks

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