Tax implications of sale of inherited property
My two siblings and I recently inherited my father's house after he passed. Prior to his death, he had put the house in our names. Now the house is about to be sold and the proceeds split equally. I have the option of receiving my entire share ($100k) n one payment this fall, or three separate portions, 1/3 this fall, 1/3 next spring, 1/3 in the future. What are the tax implications of each? Texas resident, still working, ~$300k joint annual income.
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