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I currently live in PA. I learned yesterday that my uncle who

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lived in Florida, passed away...
I currently live in PA. I learned yesterday that my uncle who lived in Florida, passed away this week. He left me his house in Florida which is worth approximately $260,000. I am concerned about estate/inheritance taxes. What can I expect from the Fed Govt in the way of taxes, and how does PA or Florida figure in the tax picture?
Submitted: 9 years ago.Category: Tax
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9/3/2008
Tax Professional: Bill, Enrolled Agent replied 9 years ago
Bill
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If your uncle's gross estate is less than $2,000,000 then there would be no federal estate taxes. If your uncle was a resident of Florida then there would be no FL estate taxes due. If your uncle was a resident of FL then there would also be no PA inheritance taxes because the property was not located in PA.

 

To determine the amount of gain or loss that you will have to report on the eventual sale of the house, you would use the fair market value of the house on his date as your cost basis.

 

http://dor.myflorida.com/dor/taxes/estate_tax.html

 

https://revenue-pa.custhelp.com/cgi-bin/revenue_pa.cfg/php/enduser /std_adp.php?p_faqid=154&p_created=1038892541&p_sid=tMIwXZcj&p_lva=&p_sp=cF9zcmNoPTEmcF9zb3J0X2J5PWRmbHQmcF9ncmlkc29ydD0mcF9yb3dfY250PTk2JnBfcHJvZHM9JnBfY2F0cz02JnBfcHY9JnBfY3Y9MS42JnBfc2VhcmNoX3R5cGU9YW5zd2Vycy5zZWFyY2hfbmwmcF9wYWdlPTE*&p_li=&p_topview=1

 

 

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Customer reply replied 9 years ago
Would there be inheritance tax from Florida?
Tax Professional: Bill, Enrolled Agent replied 9 years ago
No, there would be no inheritance tax imposed by FL.
Bill
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