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Richard, Tax Attorney
Category: Tax
Satisfied Customers: 55132
Experience:  29 years of experience as a tax, real estate, and business attorney.
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my mom died, do I have to pay taxes on the money I get from

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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: 5 years ago.
Category: Tax
Expert:  Richard replied 5 years ago.
Good afternoon. What was the total value of her estate? And what is the total value of the assets you are receiving? Thanks.
Customer: replied 5 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.
Expert:  Richard replied 5 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 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 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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