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Zhannaxena
Zhannaxena, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 42
Experience:  I am a NYS CPA as well as a CIA, CRMA and Licensed Real Estate Agent.
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my father is 87 years old .. he is a landowner in mn. retired

Resolved Question:

my father is 87 years old .. he is a landowner in mn. retired farmer.. his estate is valued at 3 million.. his will states to be divided in 5ths. to his 5 children. there is no trust set up.. can u tell me what the tax liability will be
Submitted: 2 years ago.
Category: Tax
Expert:  Zhannaxena replied 2 years ago.

Zhannaxena :

Hello, how are you?

Zhannaxena :

The estate tax exemption is $5 million for year's of death 2010 and afterwards. As a result, your father will not owe federal estate tax.

Zhannaxena :

In Minnesota, the estate tax exemption is up to $1,000,000. So he'll be taxed on $2 million.

Zhannaxena :

So he won't pay any estate tax at all.

Zhannaxena :

The number of heirs doesn't matter.

Zhannaxena :

Please be sure to file form 706 (Federal) and M706 (Minnesota).

Zhannaxena :

Let me know if you have any questions.

Customer:
Zhannaxena :

Hello?

Customer:
Zhannaxena :

hm? I don't see anything you're typing - it comes back blank.

Customer:
Zhannaxena :

hm, still can't see anything

Zhannaxena :

try sending me private mail maybe

Customer:

what would the tax rate be on the 2 million

Zhannaxena :

Hi, did you get my previous post?

Zhannaxena :

homestead farmlands are exempt up to $4 million in Minnesota

Zhannaxena :

as a result, his entire inheritance is inheritance tax free for both federal and state purposes

Zhannaxena :

Here is the literature on the subject: 

Customer:

ok thanks ! this chat wouldnt work earlier

Zhannaxena, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 42
Experience: I am a NYS CPA as well as a CIA, CRMA and Licensed Real Estate Agent.
Zhannaxena and 8 other Tax Specialists are ready to help you
Expert:  Zhannaxena replied 2 years ago.

Sorry about that - I got kicked out of chat - had a hard time replying.

See the linkm I sent you - it describes MN legislation on farmland exemptions. Congrats you're in the clear - the inheritance is free from federal and state inheritance tax. :)

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Zhannaxena
Zhannaxena
Tax Professional
42 Satisfied Customers
I am a NYS CPA as well as a CIA, CRMA and Licensed Real Estate Agent.