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 William Ellis, CPA Your Own Question
William Ellis, CPA
William Ellis, CPA, CPA
Category: Tax
Satisfied Customers: 296
Experience:  Over 15 years of experience in public accounting
Type Your Tax Question Here...
William Ellis, CPA is online now
A new question is answered every 9 seconds

Is the inheiritance on my deceased mothers home taxable. The

This answer was rated:

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.
Chat Conversation Started
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 and 2 other Tax Specialists are ready to help you