Much more information is needed to accurately answer the question.
Based on your profile, your parents are alive. Did they own the house, i.e., were their names on the title? If so, the proceeds go to them, and after calculation of any capital gain (or loss) on the sale, would be reported on their return. Their income level, including any gain or loss, would determine whether taxes are due.
How specifically did the funds/proceeds come to you? As a gift?
If your profile hasn't been updated, and/or your parents are deceased, and/or the house was an estate asset, that's a bit different. If the house was a trust asset, it's even more different as the proceeds would be split among the heirs and gain or loss reported on a Schedule K-1.
So you see, more information really would help you get a more accurate answer.
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Based on your profile, your parents are alive. Did they own the house, i.e., were their names on the title? If so, the proceeds go to them, and after calculation of any capital gain (or loss) on the sale, would be reported on their return. Their income level, including any gain or loss, would determine whether taxes are due.
How specifically did the funds/proceeds come to you? As a gift?
If your profile hasn't been updated, and/or your parents are deceased, and/or the house was an estate asset, that's a bit different. If the house was a trust asset, it's even more different as the proceeds would be split among the heirs and gain or loss reported on a Schedule K-1.
So you see, more information really would help you get a more accurate answer.
A gift? No to both.
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