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will I have to pay an inheritance tax on the house my boyfriend

left me in his will...
will I have to pay an inheritance tax on the house my boyfriend left me in his will? it is in probate right now, just wondering what to expect. I live in Tucson, AZ.
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Answered in 29 minutes by:
12/2/2008
Ed Johnson
Ed Johnson, Tax Preparer
Category: Tax
Satisfied Customers: 10,760
Experience: GPHR Cert; U.S. Treasury Tax Advocacy Panel appointee
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DearCustomer

 

Thank you for your question. The heirs or beneficiaries who inherit property of this nature from an estate do not pay inheritance tax. Neither the U.S. or Airzona assess inheritanced tax. However, if you then sell the house, you may have to pay capital gains tax. to figure the capital gain on which the capital gains is figured use this formula:

 

Capital gains (inherited property)= sales price - (FMV as of date of death, + improvements, + major repairs) - cost of selling.

 

FMV stands for fair market value.

 

 

Ed Johnson
Ed Johnson, Tax Preparer
Category: Tax
Satisfied Customers: 10,760
Experience: GPHR Cert; U.S. Treasury Tax Advocacy Panel appointee
Verified
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