Posted on: 30th Aug, 2009 03:32 pm
IF A PERSON SELLS A HOUSE AND DIES WITHIN 3 YEARS OF THIS SALE WILL THE FAMILY OF THE DECEASED BE RESPOSIBLE IF THE SELLER SOLD THE HOUSE FOR LESS THAN FAIR MARKET VALUE?
I am not clear with yoru question
If the deceased sold the house for lower than the market price, why would this situation arise
Are you sayign you bought the house for less then the market value?
If the deceased sold the house for lower than the market price, why would this situation arise
Are you sayign you bought the house for less then the market value?
Hi LLUDRA!
Welcome to forums!
If there was no profit from the sale of the property, then the seller would not be responsible for paying capital gains taxes. As the seller has already sold off the property, inheriting the same would not be possible for the family members. So the question of inheritance taxes does not arise.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If there was no profit from the sale of the property, then the seller would not be responsible for paying capital gains taxes. As the seller has already sold off the property, inheriting the same would not be possible for the family members. So the question of inheritance taxes does not arise.
Feel free to ask if you've further queries.
Sussane