How do I handle tax on inherited real estate?

Answer by  jaimesgirl (1055)

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.

Answer by  BoeZoe (136)

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.

Answer by  DudeMann (40)

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.

Answer by  Chaneygirl (1755)

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.

Answer by  Rani60 (351)

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.