Asked 7/3/2009
|
how does she avoid the inheritance tax? My sister-in-law lives in oklahoma & her gram is about to pass away. She is going to receive her gram's house which isn't worth much at all. My sister-in-law wants to know about inheritance tax & if she can avoid it & homestead exempty property tax & any discounts she can receive. |
Answer 1/1 - Submitted 7/4/2009
There are a couple of ways. The best way of course would be for her gram to sign the property over before she dies.
However If the property is not over 12,000 then there will be no tax liability. If its more and she is married then she can split that between her and her husband, for example.
the house is 24000, she can get 12000 and her husband 12000, or even divide it up between her and her sister.
Hope this helps.
Type your Answer in the box below and post your answer.
Do you have to pay inheritance tax on money you receive from a life insurance policy? does it matter if you are the owner of the life insurance policy?
Uncle died 20 yr ago, leaving everything to my aunt, she died 12 yr ago and left everything to me. i found money on the ohio unclaimed funds that was owed to her last year, do pay income tax or inheritance tax on the money. also the company that sent the money to the unclaimed funds was a royalities...
If you are on social disabilty will it be cancelled if you have an inheritance
|
Do you have to pay inheritance tax on money you receive from a life insurance policy? does... |
|
Uncle died 20 yr ago, leaving everything to my aunt, she died 12 yr ago and left everything... |
|
If you are on social disabilty will it be cancelled if you have an inheritance |
|
Is there an exemption for a disabled child? |
|
Is there an exemption for a disabled child? |
|
I live in ma question about inheritance tax I live in ma and got 70,000 inheritance. had to pay most out to rent and money borrowed from... |
See more Inheritance Tax questions
Ask A Question
Ask a new question about
Inheritance Tax: