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Recent Inheritance Tax questions

Do I have to pay taxes on an inherited piece of property if

Do I have to pay taxes on an inherited piece of property if I am not selling it?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: My father passed away last year and his estate has just been released from Probate - they valued the real estate total which is comprised of several properties, my property is valued at 100,00.JA: Is there anything else the Accountant should be aware of?Customer: I'm trying to determine what taxes if any would be do if 2 of the 3 properties were sold at FMV

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Mark Taylor

Certified Public Accountant

Masters

1,220 satisfied customers
I am a US citizen. I would like to know what inheritance tax

I am a US citizen. I would like to know what inheritance tax will be paid by my son who is a Danish citizen and my only inheritor.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,686 satisfied customers
I have a house I am getting ready to sell that has mine and

I have a house I am getting ready to sell that has mine and my father's name on the deed. If I have the check made out to myself and distribute the money to my father, will I still be responsible for %100 of the capital gains tax? My father purchased the house over 50 yrs ago and added my name about 20 yrs ago. I will be filing taxes as single ($250k first time exemption) and my father is married filing jointly ($500k first time exemption). And will I be subject to inheritance tax if I hold on to a portion of the proceeds from the sale for mysel?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,192 satisfied customers
My father passed recently had a home put in my name in 2010.

My father passed recently had a home put in my name in 2010. I sold the home but must split all money with siblings. I don't want all taxes to be only my shoulders. Can I gift out all proceeds so I wont pay taxes on?

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Robin D.

Vocational, Technical or Trade School

21,184 satisfied customers
I live in NJ. My father just passed. I have 2 sibling and we

I live in NJ. My father just passed. I have 2 sibling and we will inherit a house. At what point to I need to have the house appraised and what steps do we need to do to not pay taxes

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,686 satisfied customers
My brother died recently without a will. Our mother is his

My brother died recently without a will. Our mother is his legal next-of-kin so his estate will go to her. She would like to share it with her children and grandchildren. I understand that she will not have to pay inheritance taxes (estate is less than $500,000). But, if she passes some of that money to her offspring, is that considered by them to be an inheritance (no taxes) or a gift (amount over $14,000 is taxed)? Is there a time limit on such a distribution? Thank you.

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Mark Taylor

Certified Public Accountant

Masters

1,220 satisfied customers
I am a card holder currently living in the US. I have

I am a green card holder currently living in the US. I have received an inheritance in the UK that falls below the inheritance tax level. If I transfer this money to the US will I have to pay any US taxes?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: no

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Robin D.

Vocational, Technical or Trade School

21,184 satisfied customers
I could potentially inherit real estate property which is

I could potentially inherit real estate property which is located in India. what are the taxation surrounding such inheritance? I reside in Massachusetts?Are there any inheritance tax, income tax or estate taxes when I inherit it and what are taxes when I sell the property and bring the money back to USA?Can I continue to hold the property in India and do I have to show such property when filing tax return in USA? Also when I sell the property I will be paying taxes in India do I have to pay taxes in USA as well if the taxes are already paid in India? if so what kind of taxes do I incur?

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Robin D.

Vocational, Technical or Trade School

21,184 satisfied customers
I purchased an investment property about eight years ago.My

I purchased an investment property about eight years ago.My basis is about 72k. My sister has lived in the home the entire time. I receive Mo rent, she pays the monthly mortgage which includes property taxes and insurance. I have not claimed depreciation. on tax return, it zeros out on rent/ mortgage. DMV is close to 125k, with a current mortgage of 65k. My sister wants to buy it for the outstanding mortgage with me gifting to her 50 to 60 k in equity. Would I owe capital gains on the difference?

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Dr. Fiona Chen

President

Ph.D.

544 satisfied customers
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