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No you do not pay any taxes on it but the estate may have already paid taxes if the estate is large enough
If the property is in the estate, the estate is responsible for them. You are entitled to be reimbursed if you have paid them for the estate. Submit your claim to the executor.
Taxable gross income includes professional fees paid to you.
The fee paid to the executor is considered taxable income.
Yes, if the property was owned by the decedent and the Will provides that it be sold. In that case, the executor must carry out the provisions in the Will unless the provision is changed by a court order. It is assumed that there are other heirs besides the ones who paid the taxes on that property. The heirs who paid the taxes can file a claim against the estate for the amount they paid in taxes and they can offer to buy the property from the estate if they wish to keep it. They should speak with the attorney who is handling the estate.
Inheritance is not taxed for income tax purposes. However, if you acquire property through inheritance like a house or stock, and sell it later, you may have an income tax situation. There is a tax called estate tax, which must be filed and paid by the parents estate. This would depend on the entire value of the parents estate to determine if an estate tax return is necessary.
That is what the estate funds are for. If the claim is legitimate, it needs to be paid.
Generally the taxes are paid by the estate.
This will vary from place to place
Yes. Schedule A is Itemized Deductions. The second section is Taxes You Paid. Real estate taxes on your home are deducted on line 6.
Net Operating Income - typically used in residential investment or commercial real estate to refer to the income derived from owning the investment after all the expenses and taxes are paid.
No, they did not. They were exempted from paying taxes. Only the 3rd estate (the bourgeoisie) had to pay taxes.