Ask Experts Questions for FREE Help !
Ask
    Donuttt's Avatar
    Donuttt Posts: 1, Reputation: 1
    New Member
    		  
    #1

    May 31, 2007, 12:11 PM
    Inheritance (Estate) Taxes
    Hello,
    My mom has a home valued at approx. $800,000. Upon her death, she'd like to leave the entire estate to me, but is worried that the taxes I have to pay will be very high. Would the taxes be less if she divided the estate between my brother and I (about $400,000 each)? In other words, if I had to pay, for example, $100,000 after inheriting the $800,000, or if she divided the inheritance in two, and each of us had to pay only $45,000 apiece, then a total of $90,000 split between us would be a lower amount than the $100,000 I would pay by myself. So my question is, would it be beneficial to split the total amount so that we would end up paying less total taxes, or would it be just the same either way?
    Thanks!
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Jun 3, 2007, 04:45 PM
    You have nothing to worry about if your mother's total estate is less than $2 million, which is the current exemption amount.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

California estate/inheritance tax [ 1 Answers ]

My mother died last year. Her gross estate is worth about 1.2 million, all house. ( Calif real estate). My attorney tells me the amount over 1 mil. Is taxed at 48%. Nowhere can I find information about this tax, or, that the cut off is 2 mil. Any info would be appreciated.

CA inheritance law re: stepmother's estate [ 3 Answers ]

When my father passed away, everything he had went to his wife (my stepmother). When she passes away, what are my rights, estate-wise, under CA law? Thank you.

Inheritance Taxes [ 2 Answers ]

My wife is a beneficiary and we have received a copy of the Schedule E statement of distribution. There are four non-profit beneficiaries and three individual beneficiaries, one of them is my wife. The attorney is subtracting the income taxes the estate has paid before the distribution from the...

Taxes on Inheritance [ 1 Answers ]

Do I have to pay taxes on a piece of land that I inherited and recently sold?

Taxes on inheritance [ 1 Answers ]

My wife's aunt recently passed away in New York State. We live in Maryland. What state and federal taxes will have to be paid on the inheritance once the estate is settled. The estate is valued at less than one million. 2 blood relative split 50%. 8 nonblood relitives split the remaining 50%. ...

View more questions Search