Ask Me Help Desk

Ask Me Help Desk (https://www.askmehelpdesk.com/forum.php)
-   Taxes (https://www.askmehelpdesk.com/forumdisplay.php?f=320)
-   -   Can you pay taxes on inherited property on a monthly basis, instead of all at once? (https://www.askmehelpdesk.com/showthread.php?t=501449)

  • Aug 24, 2010, 01:22 PM
    pleasetellme
    Can you pay taxes on inherited property on a monthly basis, instead of all at once?
    My mom (father is deceased) has included in her will, the property at which she now resides, approx. 8 acres and a house. I currently own a home and am paying my own taxes. When my inheritance (her property) has been passed on to me, I will be responsbile for paying taxes for two properties. That will be a heavy burden for me. Can I pay the taxes on her property in installments throughout the year? Or do taxes have to be in full all at one time (that's how I pay mine)?
  • Aug 24, 2010, 01:38 PM
    ebaines

    You're asking about the real estate taxes on the property, right? Not estate or inheritance taxes I presume.

    Most municipalities expect you to pay real estate taxes either quarterly or twice a year. I suggest you call the town tax office and ask what your options are.

    If the carrying costs on the inherited property are going to be a burden to you, you may want to consider selling or subdividing it. One advantage of inherited property is that your cost basis is set to the fair market value at the time of death of the decedant (your mother), so you will most likely owe little or no capital gains if you sell the property.
  • Aug 25, 2010, 12:13 AM
    MukatA

    There is no federal inheritance tax.
    It appears that you are asking about property tax, which is collected by your city. You should contact your city office.
  • Aug 25, 2010, 04:14 AM
    ScottGem

    Agreed, this is a function of the Collector of taxes for your taxing district. However, you can do this yourself with no problem. My property taxes are due 4 times a year. I keep a separate savings account where I deposit a monthly amount that is calculated to cover my tax liability. When the tax bill comes in, I just transfer what is needed to my checking account.

    An advantage of this is you get the interest (however little) for your monthly deposits.
  • Aug 25, 2010, 11:49 AM
    pleasetellme

    Thank you for helpful information.

  • All times are GMT -7. The time now is 07:08 AM.