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    lisamichelle001's Avatar
    lisamichelle001 Posts: 1, Reputation: 1
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    #1

    Apr 10, 2007, 04:49 PM
    Taxes on Inheritance?
    My mother passed away and one child was the executor, and there were 7 other children in which all of her estate was sold and split between us. Do we pay taxes on our part ?
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #2

    Apr 11, 2007, 08:21 AM
    Quote Originally Posted by lisamichelle001
    My mother passed away and one child was the executor, and there were 7 other children in which all of her estate was sold and split between us. Do we pay taxes on our part ?
    The state pays estate taxes, not you. Part of the job of the executor is to figure all estate taxes due (both federal and state or local) and pay them out of the estate's assets before distributing the left-over assets to the heirs. At that point the there are no further taxes due on the assets you receive.
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #3

    Apr 11, 2007, 08:22 AM
    I meant to say "the estate pays estate taxes... " Sorry for any confusion.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #4

    Apr 19, 2007, 02:10 PM
    Agreed.
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