 |
|
| Browse | Ask | Answer | Search | Join/Login |
|
|
||||
|
Inheritance taxes for California
My brother died in Jan. of this year. I am the only living relative and trying hard to understand this process. The only asset is a house, and it will be sold. Are there any type of taxes I should be aware of and should pay up front ? Also I just learned I have to file final tax returns for him even though he did not work at all last year. Is this correct.
Thanks for the help |
||||
|
||||
|
Yes, someone must file all the unfiled tax returns and the final tax return. So in this case, you must do it. There is no federal tax on inheritances. CA also does not have any inheritance tax. You cost basis of the house is the fair market value of the house on the date of death of your brother. After that you sell the house, you may have a gain or loss. If there is a gain, you must report it. For more information read this blog: Your U.S. Tax Return: Tax on Inheritances |
||||
|
||||
|
It is possible that your brother had no legal requirement to file a tax return. This would be the case if his income was less than $3,400 for 2007, or his only income source was non-taxable items like Social Security.
If this is the case, there will be no requirement to file income tax returns. If a house is his only asset, there will be no estate tax return as well. |
||||
| Question Tools | Search this Question |
Add your answer here.
Check out some similar questions!
Hello: I have a question about California inheritance law. While my brother and I were both minors, my father (a widower) married a woman with two children. My father told me in his wife's presence that upon the death of both of them, the estate was to be split equally among the four children. ...
My father was killed in a boating accident in June of 06. My stepmother told his children there was no will and sorry everything goes to her and her children. Is this true since there was no will and if not is it too late to get what could be ours?
My aunt of U.S. nationality, died last year in the United States, the United States the day before yesterday I received a letter from the lawyer, said his aunt is a testament to the custody of a customer, his testament I Keji Cheng aunt half of real estate, and the United States Table I Aunt of the...
I am to inherit property in California and want to know what kind of taxes, at what rate I can expect to pay. Thanks
Our parents are American citizens and live in California,the want us to inherit their property in California. We are British citizens and live in England, do we have to pay any death /inheritors taxes in the U.S. Their assets are worth less than $1 million.
View more questions Search
|
