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My mother passed away in October and my sister is in the process of settling everything. Along with her house (which my sister is buying), she had assets in mutual funds, bonds and well as her IRA.
My sister has cashed out all the equities and has put them into an estate account at the bank. I know we will have to file her taxes for 2009 and we will probably have to pay some federal taxes.

My question is in regards to the equities that were sold after her death. Will the estate have to pay taxes on the capital gains? Her estate, house and equities is less than $500K.

The IRA is not a problem, we were all named as beneficiaries and we will each roll our shares into an inherited IRA.

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