Home & Garden

August 30, 2008

Heirs might not owe tax on house sale

Q. My father recently passed, and my siblings and I sold his house and split the profits according to his will. What would be the best way to keep from paying taxes on this gain? It's approximately $14,000. If I put it in a Roth IRA or regular IRA, would that shield me from the tax burden? Please give me some advice on what to do with this money so it's not so devastating when tax time comes.

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