Snippets home page
 
 
register
 
 
real estate

How do I handle tax on inherited real estate?

My father passed away and left me his real estate.

asked by CrAiGjAcKsOn (20)

You have 50 words left!
 
 
related questions

Can I sell my own home or will I need a real estate agent?

Do i need a real estate license to sell real estate?

How do I terminate a real estate sales contract with my realtor?

How do you go about firing your real estate agent.

In real estate what does single action "state' mean?

What are some basic PA real estate laws?

What is the capital gains tax in real estate?

Tags:  real estate  taxes

answers

Consult an attorney or an accountant. You will have to pay an inheritance tax. This will vary depending on the state and the value of the property you have acquired.

6 votes

Your inherited real estate must be evaluated at the date of his death in order to establish a new basis in the property. If it is titled in a trust, the estate will avoid estate taxes, but if directly inherited, then his estate will owe estate taxes on it.

reply
posted by BoeZoe (133)
5 votes

The best thing you can do is consult a qualified tax accountant in your area. State and local laws can vary and you don't want to make sure all your bases are covered. A good accountant can do this.

reply
posted by DudeMann (39)
4 votes

You do not have any inheritance tax to pay, the estate should pay it if any is due. You will need to pay RealEstate taxes when its in your name.

3 votes

Your father is passed then father's property is inherited to you, but you meat a advocate and discuss the matters and discuss the tax with tax consultant.

reply
posted by Rani60 (345)
2 votes

Report a post on this page as inappropriate
 If you have questions about user content, read our liability disclaimer

  
   
Add your own answer in 50 words or less! Add your comment in 50 words or less!

copyright © 2008
conjecture corporation

FAQ About Us Contact Us Terms & Conditions Privacy Policy