If I sell property in 2010 do I have to report it to the IRS?
Wednesday, May 5th, 2010 at
2:34 am
I have power of attorney over my mom and my dad has been dead for a few years. My mom wants me to get rid of the property. buy antibiotics But, it is in my parents name. Do I still have to pay taxes if I sell it?
The obligation to pay taxes belongs to the owner, not you. As a POA, you can make decisions for your mother but she has to pay the taxes etc.
it is still your mother’s property, she will be the one to have the tax burden, if there is one
very likely she would be eligible for the exclusion and there would be no taxes due on it at all
it is not your property to sell