Actually inheritance (if any) taxes were handled when you received the property. That point in time establishes your basis in owning the property. What you sell it for above that value essentially decides what your taxable gain will be.
Yes this could be possible.
Yes because the property becomes yours unless they have already payed for the property in full.
If you just inherited a bag full of money, no. If you inherited a tax deferred account like an IRA, 401k, or pension, you may have to pay tax when you take the money out. If you inherited property such as a house or stocks, you may have to pay taxes on the growth in value between the date of death and the date you sold the property. If you inherit US Savings Bonds, you may have to pay tax on the interest when you cash them in, including interest earned during the life of the deceased if the deceased was not declaring the interest annually on his or her taxes.
On the amount the property went up in value from the value used in calculating the estate tax
Yes, you will have to pay estate taxes on inherited property. In the United States an estate taxes is always imposed on the transfer of the "taxable estate" of a deceased person. Have already paid state taxes for CA. in FEB. Are there going to be more? I've paid taxes, is there aditional taxes included.
Yes this could be possible.
Once they have inherited the property, yes. Until then the estate is responsible.
Yes, individuals over 65 are still responsible for paying property taxes in Florida. However, they may be eligible for certain exemptions or discounts based on their age, income, or other factors. It's best to check with the local tax assessor's office for specific information on tax relief programs for seniors in Florida.
That depends on a couple things: what taxes do you mean? estate or property taxes? Most states have property taxes, which must be paid regardless of the status of the owner. In 2010, the estate tax was repealed. So, no taxes should be due on the home to transfer it to your mother's heir(s). IRAs in an estate would be handled differently, since the income is tax deferred. Complicating things slightly: if you inherited the house but didn't sell it immediately, you would have to pay a capital gains tax on the increase in the value of the house. Your "basis" in the house would be its value at the time you inherited it; you subtract that from what you sold it for, and pay tax on the difference. If you inherited it 15 years ago, that could be substantial.
Yes because the property becomes yours unless they have already payed for the property in full.
If you just inherited a bag full of money, no. If you inherited a tax deferred account like an IRA, 401k, or pension, you may have to pay tax when you take the money out. If you inherited property such as a house or stocks, you may have to pay taxes on the growth in value between the date of death and the date you sold the property. If you inherit US Savings Bonds, you may have to pay tax on the interest when you cash them in, including interest earned during the life of the deceased if the deceased was not declaring the interest annually on his or her taxes.
On the amount the property went up in value from the value used in calculating the estate tax
If money (i.e.; mortgage/mechanics lien/taxes/etc) are owed on the property it makes no difference whether it is inherited or not. It would have been inherited SUBJECT TO the liens and encumbrances.
Yes, you will have to pay estate taxes on inherited property. In the United States an estate taxes is always imposed on the transfer of the "taxable estate" of a deceased person. Have already paid state taxes for CA. in FEB. Are there going to be more? I've paid taxes, is there aditional taxes included.
You can have a taxable gain on the sale of personal property however you obtain the property. Individuals do no have to pay estate taxes, the estate of a deceased person would have to pay any inheritance taxes due before property was dispersed to the heirs. As to the sale of property by someone who inherited property, you would owe taxes on any gain on have from the sale of such property. You basis (value) of the property is the fair market value of such property on the date of death of the previous owner. This is called a stepped up basis and a benefit of inherited property.
Yes you have to pay property taxes (CRIM), city and county taxes. These are usually part of your escrow if the house has a mortgage on it.
In Pennsylvania, there is no state inheritance tax on the sale of inherited property. However, capital gains tax may apply if the property is sold for a profit. It is recommended to consult with a tax professional for guidance specific to your situation.