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Richard, Tax Attorney
Category: Tax
Satisfied Customers: 53676
Experience:  29 years of experience as a tax, real estate, and business attorney.
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In our fathers will he left all his assets equally among his

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In our fathers will he left all his assets equally among his five children which I am one of.All remaing assets were gathered into an estate that belong equally to each one of us. This had an assessed vaule of under $300,000.00 with all necessary taxes paid off included in the final assesment total.I recentally bought out my portion of the assesed amount ,and my question is will I have to pay any taxes on monies receieved from the buyout.I was paid from a real estate trust account that was set up by my brothers and sisters to buyout my portion of the estate that was willed to us.
Submitted: 6 years ago.
Category: Tax
Expert:  Richard replied 6 years ago.

Good evening. No, you will have no tax liability based on the amounts involved. Not to worry!



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