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    mygrammaisgreat's Avatar
    mygrammaisgreat Posts: 1, Reputation: 1
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    Jul 8, 2008, 01:44 PM
    Inheritance tax liability on sale of home
    My gramma, who lives in Illinois, has put a stipulation in her will that upon her death she wants her house sold and the proceeds divided amongst her 5 children. What is the tax liability of her children? Thanks.
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
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    #2

    Jul 8, 2008, 02:37 PM
    Quote Originally Posted by mygrammaisgreat
    My gramma, who lives in Illinois, has put a stipulation in her will that upon her death she wants her house sold and the proceeds divided amongst her 5 children. What is the tax liability of her children? Thanks.

    What is the size of her estate? Does she have enough other assets to cover her debts? Does she have a spouse?

    She could avoid the whole question through a properly worded Deed and the house would pass outside the Will. Obviously you would need an Attorney.
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