Estate Law Questions? Ask an Estate Lawyer.
Hi and welcome to JA.Ray here to help you tonight.The current estate tax limits are $5,450, 000 per person so if you are not over this amount no taxes are due.Date of death appraisal would be the valuation for tax purposes.Again unless you arr over the $5 million figure above no federal taxes due.
I appreciate the chance to help you tonight.Thanks again.
ATRA also increased the tax rate on estates in excess of the exemption amount from 35% to 40%.
Read more: http://www.bankrate.com/finance/taxes/estate-tax-and-gift-tax-amounts.aspx#ixzz46OvhcKG4
There is capital gains on the difference between when the property was acquired and when it sells.Each person would owe their share based on the amount they inherited.
Capital gains is based on the amount of gain and their bracket..
Regular and capital gains tax rates for 2015
Ordinary income rate /Long-term capital gain rate /Short-term capital gain rate
You may want to have a CPA here involved to see what the tax hit will be , it will be significant.
As you can see from above the estate tax above the exemption is 35-40% of the amount.It is significant.Your CPA here may be able to help you with some offsets/deductions through planning for 2016.