How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Marvin,EA Your Own Question
Marvin,EA
Marvin,EA, Enrolled Agent
Category: Tax
Satisfied Customers: 1672
Experience:  Enrolled to Represent Taxpayers Before The IRS
9313471
Type Your Tax Question Here...
Marvin,EA is online now
A new question is answered every 9 seconds

both our parents died in 2007 and left 5 of us a house plus ...

Resolved Question:

both our parents died in 2007 and left 5 of us a house plus a lot right next to the house. the value of these two combined is approx 180,000. I am the personal represenative, so the checks will be tranfered to my personal account which I will disribute once I find out what my tax obligations are
Submitted: 8 years ago.
Category: Tax
Expert:  Marvin,EA replied 8 years ago.

Hello and thank you for using Just Answer. The federal estate tax exemption is $1.5 million for each person so the $180,000 is not taxable to the federal gov. You would have to check with you state to determent if a state estate tax is due.

Marvin,EA and 2 other Tax Specialists are ready to help you

Related Tax Questions