Posted on: 13th Apr, 2010 01:44 pm
my uncle quit claim deeded his home to me just prior to his death. i immediately listed the house after his death and sold the property in a few months. he owed a first and second mortgage and the net gain after taxes, re broker, fees, and repairs were accomplished was approximately $120.00 dollars. i was told there would be no inherited tax burden on me because the transfer was the value of the property at the time of transfer. is this true?
Hi eaglezlanding,
The amount of inheritance tax that you may have to pay will depend on the amount of the inheritance and your relationship with the deceased person. Whether or not you will be subject to an inheritance tax depends on where you live. I would suggest you to speak to an estate planning attorney and he will help you in this regard.
Thanks
The amount of inheritance tax that you may have to pay will depend on the amount of the inheritance and your relationship with the deceased person. Whether or not you will be subject to an inheritance tax depends on where you live. I would suggest you to speak to an estate planning attorney and he will help you in this regard.
Thanks