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Infolawyer
Infolawyer, Attorney
Category: Estate Law
Satisfied Customers: 54785
Experience:  Licensed attorney helping individuals and businesses.
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I have inherited a ho use in new york city. what will be the

Customer Question

I have inherited a ho use in new york city. what will be the inheritance tax?
Submitted: 10 months ago.
Category: Estate Law
Expert:  Infolawyer replied 10 months ago.
what is the value of the house? when was it inherited? is the only thing inherited? total inheritance?
Customer: replied 10 months ago.
Value is probably 1 million dollars. It was inherited last month. that is the total.
Expert:  Infolawyer replied 10 months ago.
There would not be a tax. You get a step up in basis.
Expert:  Infolawyer replied 10 months ago.
Let me know if that is fast and acceptable.
Customer: replied 10 months ago.
What is that? Step up?
Expert:  Infolawyer replied 10 months ago.
the value of property at time of death for calculation of any tax.
Customer: replied 10 months ago.
So would there be a tax (other thannormal) if i were to sell the house?
Customer: replied 10 months ago.
Is that it?
Customer: replied 10 months ago.
I guess so. Not so helpful. Thanks.
Expert:  Infolawyer replied 10 months ago.
if it is worth a million now and was worth so when you inherited it, no tax.
Expert:  Infolawyer replied 10 months ago.
Let me know if that answers it, and if I can clarify anything ask me.
Expert:  Infolawyer replied 10 months ago.
awaiting your reply, thanks.
Expert:  Infolawyer replied 10 months ago.
In this situation I do not see a tax. The exemptions also apply.
Expert:  Infolawyer replied 10 months ago.
Kindly rate me positively, and feel free to follow up!