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Is the inheiritance on my deceased mothers home taxable. The

Is the inheiritance on my...
Is the inheiritance on my deceased mother's home taxable. The property sold for
$ 2,200.000. I will receive $ 511,000 from the sale. The properties assessed value is
$ 305,000.
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Answered in 20 minutes by:
10/4/2010
William Ellis, CPA
Category: Tax
Satisfied Customers: 296
Experience: Over 15 years of experience in public accounting
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William Ellis, CPA :

Your mother's estate may pay tax on it if everything is not settled this year. If everything is settled before Dec. 31 and if the total estate is less than $3,000,000, there probably won't be any estate tax due. Hope this helps, Bill

William Ellis, CPA
Category: Tax
Satisfied Customers: 296
Experience: Over 15 years of experience in public accounting
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