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Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2309
Experience:  Certified Public Accountant
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I will be receiving an inheritence from the death of my

Customer Question

I will be receiving an inheritence from the death of my father. It is in the form of investments. The investment company notified the state of PA and the state sent me a tax bill, even before the estate is settled. I don't have the money to pay the tax bill, which is over $10k. I would have to sell some stock to pay the inheritence tax. So then i would have to pay tax on the sale of the stock on top of that, right? If so, anything i can do to minimize this?
Submitted: 1 year ago.
Category: Tax
Expert:  Mark Taylor replied 1 year ago.

Hi, my name is Mark. I will be happy to help you with your questions.

First, I am sorry for your loss.

When you inherit stock or other assets you receive a step up in basis. Your basis would be the fair market value at the date of death. So when you sell the stock the gain or loss on the sale is likely to be minimal (depending on recent changes in value).