Asked 2/4/2009
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Will I need to pay an inheritance tax on sale of real estate? Myself and my 3 siblings have inherited my mother's house which we are selling for under $200K. We we need to pay any type of inheritance tax on this property? |
Answer 1/1 - Submitted 6/11/2011
Most states do not tax children of the deceased. That is a general statement. Plus, when you received the house, it came with a stepped-up basis. An appraisal when you received the house should allow you to pay little of the other taxes involved with the sale of a house.
Before doing anything, please consult an attorney where you live to obtain more specific information.
Good luck
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