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both our parents died in 2007 and left 5 of us a house plus ...

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both our parents died in...
both our parents died in 2007 and left 5 of us a house plus a lot right next to the house. the value of these two combined is approx 180,000. I am the personal represenative, so the checks will be tranfered to my personal account which I will disribute once I find out what my tax obligations are
Submitted: 9 years ago.Category: Tax
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4/1/2008
Tax Professional: Marvin,EA, Enrolled Agent replied 9 years ago
Marvin,EA
Marvin,EA, Enrolled Agent
Category: Tax
Satisfied Customers: 1,672
Experience: Enrolled to Represent Taxpayers Before The IRS
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Hello and thank you for using Just Answer. The federal estate tax exemption is $1.5 million for each person so the $180,000 is not taxable to the federal gov. You would have to check with you state to determent if a state estate tax is due.

Marvin,EA
Marvin,EA, Enrolled Agent
Category: Tax
Satisfied Customers: 1,672
Experience: Enrolled to Represent Taxpayers Before The IRS
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