Posted on: 07th Aug, 2010 08:16 am
Is there a current state or federal law that will provide a one time exemption from paying taxes on the sale of property left by the deceased. I heard that any real property sold under 1,000,000 would be exempt from taxes. Anything over $1,000,000 would be subject to taxes of 55% of the sale price.
Welcome Jillyk,
In case of gift taxes, there is an lifetime exemption amount of $1,000,000. But I haven't heard of any such law regarding the sale of the property of a deceased. You can contact a tax adviser in this regard and take his opinion.
In case of gift taxes, there is an lifetime exemption amount of $1,000,000. But I haven't heard of any such law regarding the sale of the property of a deceased. You can contact a tax adviser in this regard and take his opinion.