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my mom died, do I have to pay taxes on the money I get from

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her bank accounts and the...
my mom died, do I have to pay taxes on the money I get from her bank accounts and the sale of her house?
Submitted: 6 years ago.Category: Tax
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10/22/2011
Tax Professional: Richard, Tax Attorney replied 6 years ago
Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 55,795
Experience: 29 years of experience as a tax, real estate, and business attorney.
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Good afternoon. What was the total value of her estate? And what is the total value of the assets you are receiving? Thanks.
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Customer reply replied 6 years ago
She has about 100,000 in money and we are listing the house for 200,000 we want to know is if we don't have to pay taxes on 10,000, should we dispurse the 100,000 since each of us will get 10,000 or does it matter.
Tax Professional: Richard, Tax Attorney replied 6 years ago

Thanks. You will owe no taxes. There will be no gain from the sale of the house because the basis gets increased to fair market value at death...so a sale at fair market value will generate no gain and thus no tax. On the estate side, there is no Federal or state estate or inheritance tax....at the Federal level, tax doesn't start until $5,000,000 in assets; on the Illinois level, tax doesn't start until $2,000,000 in assets.

 

 

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Please be aware that the information provided here is not legal advice. Rather it is simply general information. All states have intricacies in their laws and any information given is simply information only and specifically is not intended to be, nor does it constitute, legal advice. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

 

 

Richard
Richard, Tax Attorney
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