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Posted by ndsulliv on January 18, 2007, 3:42 am
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When hurricane Katrina hit Mississippi in 2005, I had
ownership of my mother's house as a life estate. It was in
my name, but she had the right to live there for the rest of
her life. Unfortunately, the house was mostly destroyed and
was underinsured. We received $45,000 for the house,
$18,000 furnishings and $2,000 living expenses. My mother
passed away 4 months later. Most of this money has been in
my savings account ever since, for repairing the house. We
now have a contractor working on rebuilding the house and
maybe can get it completed for $30,000. How do I handle
this when filing my personal income taxes. Should I have
reported this last year and will I be penalized for not
doing so. I received the $45,000 and $2,000 checks in Oct
2005, and the $18,000 check in June of 2006.
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