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 Richard Your Own Question
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 55709
Experience:  29 years of experience as a tax, real estate, and business attorney.
Type Your Tax Question Here...
Richard is online now
A new question is answered every 9 seconds

My father passed away last May. I am trustee to his estate

This answer was rated:

My father passed away last May. I am trustee to his estate which was divided equally with my sister. I applied and received a tax payer I.D. with I.R.S. I'm now in the process of selling his home after 11 months on market. I have a couple of questions. I was told I didnt owe I.R.S. any taxes pertaining to the monies I received, as was stated in my fathers will. Do I file taxes separate (my personal, my fathers before he passed and one for the trust?) or do I have to add with my personal return?
Good afternoon. Can you tell me: i) in what state this is located? ii) how much was the total estate value? iii) did the property sold increase in value between the date of death and now? Thanks.
Customer: replied 5 years ago.
i'm sorry, did you receive my reply?
I have not...Can you repost it?
Customer: replied 5 years ago.
Arizona, total received so far 200,000.00. Selling fathers home for 110,00.00, should close middle of April

Thanks. You will not owe the IRS anything. These are inherited funds and AZ does not have a state inheritance tax. Also, the estate must be worth at least $5,000,000 for there to be federal estate taxes due. Finally, the basis of the house is increased to its fair market value at death, so there would only be a taxable gain if the house appreciated since the date of death and then only on the increased amount.


I hope this has given you information that has been helpful to you. I wish you the best of luck!


If you have a follow-up question, please remember that there might be a delay between your follow up questions and my answers because I may be helping others or taking a break.


If I have adequately answered your question, even though the answer might not have been the one for which you hoped, I would appreciate it if you would please click the GREEN ACCEPT button so that I receive credit for my work; otherwise, though you have made a deposit, I do not receive credit.


If you need additional clarification on this question after clicking ACCEPT, please do not hesitate to click Reply and I will be happy to do what I can to help you further. Thanks for allowing me to be of service to you.

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.

Customer: replied 5 years ago.
I'm sorry but that was not my question, I need to know how to file, with my personal return or separately? i was told even that I don't owe on the trust, I still need to file a return to let I.R.S. know whats going on. ie; intrest etc?
No worries. If the property has been distributed to you, then file personally; otherwise, the estate files the return.
Richard and 6 other Tax Specialists are ready to help you