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Estate tax question
My mom died in April of 2011. She left a will that stated her house to be sold and debts paid and then the balance to be split between her 5 children. We got a partial check for $8000 in December 2011. The question is do we owe estate taxes and need to file this on our tax return. Our state doesn't have an inheritance tax.
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If your share of the estate is $8,000, then, by basic math, her total estate after debts were settled was about $40,000.
NO WAY are there any estate taxes due at either the federal or state level; her estate was too small. A ficuiary return (Form 1041) MAY be required to document the sale of the house (no tax will be due), but other than that, everything should be good to go. |
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