How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Bill Your Own Question
Bill
Bill, Enrolled Agent
Category: Tax
Satisfied Customers: 3153
Experience:  EA, CEBS - 35 years experience providing financial advice
6480514
Type Your Tax Question Here...
Bill is online now
A new question is answered every 9 seconds

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

Resolved Question:

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: 8 years ago.
Category: Tax
Expert:  Bill replied 8 years ago.

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

 

 

Customer: replied 8 years ago.
Would there be inheritance tax from Florida?
Expert:  Bill replied 8 years ago.
No, there would be no inheritance tax imposed by FL.
Bill and 2 other Tax Specialists are ready to help you