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Richard, Tax Attorney
Category: Tax
Satisfied Customers: 53666
Experience:  29 years of experience as a tax, real estate, and business attorney.
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My father passed away last May. I am trustee to his estate

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My father passed away last May. I am trustee to his estate which was divided equally with my sister. I applied and received a tax payer I.D. with I.R.S. I'm now in the process of selling his home after 11 months on market. I have a couple of questions. I was told I didnt owe I.R.S. any taxes pertaining to the monies I received, as was stated in my fathers will. Do I file taxes separate (my personal, my fathers before he passed and one for the trust?) or do I have to add with my personal return?
Good afternoon. Can you tell me: i) in what state this is located? ii) how much was the total estate value? iii) did the property sold increase in value between the date of death and now? Thanks.
Customer: replied 4 years ago.
i'm sorry, did you receive my reply?
I have not...Can you repost it?
Customer: replied 4 years ago.
Arizona, total received so far 200,000.00. Selling fathers home for 110,00.00, should close middle of April

Thanks. You will not owe the IRS anything. These are inherited funds and AZ does not have a state inheritance tax. Also, the estate must be worth at least $5,000,000 for there to be federal estate taxes due. Finally, the basis of the house is increased to its fair market value at death, so there would only be a taxable gain if the house appreciated since the date of death and then only on the increased amount.


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Please be aware that the information provided here is not legal advice. Rather it is simply general information. All states have intricacies in their laws and any information given is simply information only and specifically is not intended to be, nor does it constitute, legal advice. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

Customer: replied 4 years ago.
I'm sorry but that was not my question, I need to know how to file, with my personal return or separately? i was told even that I don't owe on the trust, I still need to file a return to let I.R.S. know whats going on. ie; intrest etc?
No worries. If the property has been distributed to you, then file personally; otherwise, the estate files the return.
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