My brother and I was left a house when our mother died. We have held onto the house for 2 years, but last month, it burned down. On the proof of loss papers, they state that the cash value of the house was in the $70,000.00's, but they are paying us the full replacement value of $199,000.00. Do we have to pay taxes on any of this money? Thanks!
Asked on 3/08/10, 2:26 pm
1 Answer from Attorneys
Scott Riddle
Law Office of Scott B. Riddle, LLC
What YOU need to report on your tax returns and pay for taxes is a question for your CPA - not a general information forum.
Answered on 3/13/10, 2:40 pm
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