 |
|
| Browse | Ask | Answer | Search | Join/Login |
|
|
||||
|
Taxes owed:
Myself and my siblings inherited and sold property in New York, we each received a predetermined amount from the sell of this property do we have any taxes to pay 2010 resulting from the sell of this property we all live in Ohio, but one lives in NY
|
||||
|
||||
|
As heirs you do not owe any estate tax or inheritance tax on the value you inherited (there is no federal estate tax, and neither NY nor OH have an inheritance tax). However, eEch of you may owe capital gains on your portion of the sale of the property, if it sold for more than the fair market value as of the date of death of the decedant. The executor of the estate should be able to tell you what that value was, so you can determine if you must file a Schedule D to report a gain on the sale of the property |
||||
| Question Tools | Search this Question |
Add your answer here.
Check out some similar questions!
If the IRS finds I owe taxes on about 30000 dollars what would Iowe in taxes and penatlys and would they offer a settelment amount and what percentage would you think that would be. I'm being audited ps this is for 2006 2007
I recently realized that money I was receiving from a trust was taxable income. I was an F1 student from Fall 2005 to Spring 2007, an F1 on OPT in July 2007, and an H1 since July 2008. My employer deducts taxes from my paycheck. What tax files do I file? Last year I filed a 1040NR-EZ and...
My company pays a small salary to one of the two shareholders of the corporation. This individual resides in Alabama and is otherwise retired. What are our unemployment tax obligations?
I am in the process of attempting to take care of all my tax issues and was told that I may possibly owe approximately $18,000.00 from 2003 due to capital gains what should I do there is no way I could pay that
Hello…I received a notice from IRS saying that I owed $21,000 taxes and penalties for securities that I did not report on my 2005 tax return. The securities belonged to my mother who died on 12/30/2004. After the holiday, I notified that my mother had died. You should know this: When my...
View more questions Search
|
