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Eventually the city will take possession of the property and sell it.
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.
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.
No. Once inherited, it is yours to do with as you wish...same as if you bought it.
capital gains
Do you have to pay taxes on deceased mother's house when it sells
No. Tobacco is regulated by the federal government and you would have to pay taxes and get licenced.
AnswerYes. In fact, taxes are usually the number one creditor of an estate and take precedence over nearly everything else. In other words, you would have to sell the house and all the other property necessary to pay the taxes before you could even think about who might get anything left over.
You can sell your rights to the property at any time. I assume that you are the remainderman. You can pay the taxes and file suit against your step-father.
No but it will need to be disclosed and the buyer or seller will need to pay those back taxes before the title can be fully transfered to the buyer.
Eventually the city will take possession of the property and sell it.
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.
In the UK, NO
In Kansas, failure to pay property taxes for 2 years can result in the property being subject to a tax sale. The county can initiate legal proceedings to sell the property at auction to recoup the unpaid taxes, interest, and penalties. Additionally, the property owner may incur additional fees and costs associated with the tax sale process.
If you had the home as your primary residence within the past 2 years, you will not have the pay the taxes. This is as long as you did not gain more than $250,000 from the sale.Ê
Usually most parents are sure their house and property taxes are paid every year and if so, there is no reason to worry. Say the land had an assessed value of $250,000 and you sold it for $400,000. Then you would be charged Capital Gains Tax on the profit of $150,000. If you sold it for the exact amount $250,000 you wouldn't have to pay Capital Gains Tax. That's the only tax you would have to worry about it and you could easily pay it off by the profit you made. If your parents had back-taxes (highly doubtful) then you would have to find out from the IRS what they owed and pay those taxes. If the children want to keep the house on property, then they can get a loan to pay off the taxes, or, they can sell the house/property and hopefully make a profit after they pay off the back taxes. Marcy * The land will be taxed at the fair market value at the time of the person's death. Be advised that in most states land transfers through wills are often subjected to significant probate costs.
I don't believe you do. You will pay income taxes when you sell the house--this is called capital gains.