Ask Experts Questions for FREE Help !
    Lmay10's Avatar
    Lmay10 Posts: 1, Reputation: 1
    New Member

    Aug 24, 2007, 06:44 AM
    Property Taxes on Property sold for estate settlement.
    We have sold property in Indiana that will be part of and estate settlement. The property sold for less than $100,000. The money from this property will be divided between the 6 children. What taxes will be owed for the sale of this property?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man

    Aug 24, 2007, 06:51 AM
    Inheritance tax or Property tax? Property taxes is what ever was due at the time of sale.

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!

Property taxes on inherited property [ 1 Answers ]

When daughter inherits home from parent and moves into the home, is there an adjustment to the property tax base in California? Currently taxes are extremely low but house has increased in value since purchase 40 years ago. House is held by trust.

Property taxes/lien on property [ 2 Answers ]

We have been taking care of the rental properties across the street from us for many years as the landlord lives in Arkansas. We have never been paid for these services. We repair and maintain these properties, and the last tenants we even collected the rent and deposited into the landlordís...

Inherited Property Being Sold- Taxes? [ 1 Answers ]

My father died and left property in trust for my mother, my brother and I. (40 years ago.) My mother dies in 1989, and the property transferred to my brother and I. The trust was dissolved in 1994. I have paid taxes on this property continuously. The property value has increased 10x. It...

Estate taxes, appraisal, and property sale [ 1 Answers ]

A family member died in 3/05 and left us two houses in California in a trust. We'd like to get appraisals that are hopefully below $1.5 million to avoid the estate tax. What happens if we then sell the two houses and the sale prices are above the appraised values? Is estate tax recalculated? ...

Taxes on inherited property sold [ 0 Answers ]

My siblings and I inherited our parents house after their death. It was in poor condition. We had it appraised for $132,000 and sold it for $125,000. Do we owe any federal income tax on it? All I have read so far indicates that we do not. But, how to we file, since the mortgage company that...

View more questions Search