We were told the sale of dad's home will have to be put into a bank acct using a tax ID #. Will tax need to be paid on this? Is there any other way to handle this? The entire estate is less than $120,000. The house sold for $90,000. A will was left with one child being the executor but all children are heirs and agree to the sale of the home.
If any tax is due, the estate would pay out of the proceeds before the heirs received anything. I don't know why the proceeds would have to go to a bank account. You should probably consult a probate attorney.
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