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Jon Andrews
Jon Andrews, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 3118
Experience:  I deal with all levels of tax planning and controversy - from the ordinary to the complex.
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My father just passed away and had a living trust. He left

Resolved Question:

My father just passed away and had a living trust. He left my brother, sister and I about 100,000.00 and his home valued at $200,000.00. Is there taxes due on his estate before we receive our inheritance?
Submitted: 7 years ago.
Category: Tax
Expert:  Jon Andrews replied 7 years ago.

Based on the information provided, there should not be any taxes related to the estate.

 

jon

Jon Andrews and other Tax Specialists are ready to help you
Customer: replied 7 years ago.
Are we responsible for any taxes on what we recieve from my Father?

Thank You
Expert:  Jon Andrews replied 7 years ago.

There are two primary ways that you MIGHT be responsible for taxes. 1. If any of the money is coming from an IRA or other retirement plan, there could be some tax liability related to that. 2. Any interest or dividends earned by the money after his death will be subject to tax either to you individually or to the estate.

 

However, the actual receipt of the money and property is not taxable to you.

 

jon