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Richard, Attorney
Category: Estate Law
Satisfied Customers: 55474
Experience:  29 years of experience practicing law, including tax and estate planning.
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My Mother had listed myself and my sister on a beneficiary

Customer Question

My Mother had listed myself and my sister on a beneficiary deed to her house. My mother just passed away, will my sister and I be subject to any taxes? We will be selling the property, approx. value $120K, and splitting it between all the siblings, 5 in total
Submitted: 1 year ago.
Category: Estate Law
Expert:  Richard replied 1 year ago.

Good morning. My name is ***** ***** I look forward to helping you.

You will not be subject to tax. The amount is not large enough to be subject to any Federal estate tax. And there is no Federal inheritance tax and no Arizona estate or inheritance tax. Further, there will be no tax on the sale of the property because the basis of the property gets adjusted to its fair market value upon your mom's death. So, when you sell it for that amount, there is no gain on the sale and thus no tax will be due. :)

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