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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.

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โˆ™ 2006-05-13 04:51:47
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Q: When land is deeded to children what are taxes when land is sold upon parents death?
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Can the Owner get deeded house back?

The owner of a deeded home can get the home back if the home is in his or her name. The taxes must be paid on a deeded home in order for it be a clear deed.


Where does a pension annuity from a parents death get claimed on your taxes?

sent letters must do it ok


Who is the child who paid tax at the age of 12?

Children at the age of 12 do not have to pay taxes. The parents of the child is the one who has to pay taxes.


Are adult children responsible for paying deceased parents taxes?

The taxes of a deceased person would be the responsibility of that person's estate. If the children are the administrators/executors of the the estate, then they would be responsible for filing the taxes on behalf of the deceased; but the payment would come out of estate funds, not from the children personally.


Do I have to pay your parents nursing home?

Whether it's your parents or mine, you won't have to pay (other than through taxes) - children are not legally responsible for their parents.


Is a child liable for a parents failure to file taxes?

No. A child cannot be held responsible for the actions of their parents.Exception to the rule: If the children are heirs of an estate (both parents are deceased) and taxes are outstanding, then the taxes must be paid out of the estate proceeds before the child(ren) could be awarded the residuals.


How old you have to be to file taxes?

Taxes are not age-dependent. In general, if you make money, then you have to file taxes. In some cases parents are allowed to fold the income of their minor children into their own tax returns, but if you have income at all, then SOMEBODY has to pay taxes on it.


Deduct for College Tuition?

Many parents dread the tax season. They find out how much they owe in taxes and can become quite upset at the amount. Owing money in taxes is quite the drag. One way to eliminate high tax expenses is for parents to pay for the tuition of their children. If parents foot the bill for tuition expenses, then they are able to qualify for a $4,000 deduction on their taxes. This can be a great incentive for parents to pay for the education of their children. However, parents are unable to claim more than $4,000 in tax deductions for paying tuition expenses.


Life estate Mothers real property lives there has 2 children deeded half ea. Who has to pay the property taxes while mother is alive and living in the house Could she have reversed the Life Estate?

who evers name is on the deed is legally responsible


What happens to the parents lending out their children for others income taxes?

Could cause some problems for both taxpayers that are involved in this matter.


Why do you have to pay death taxes?

You don't have to pay taxes.. But the government says they tax the transfer property at your death..


What are the release dates for Death and Taxes - 2014?

Death and Taxes - 2014 was released on: USA: 2014


Can you remain a dependent on your parents taxes if you get married and both of the people married were dependent on their parents still?

As long as you are depending on your parents to provide for you,they can claim you on their taxes. So the answer is YES.


Who wants to give the taxes to the army?

Taxes & Death are part of life.


Who is responisble for your taxes after your death?

No one


What are the promises of God?

Taxes and death


What actors and actresses appeared in Death and Taxes - 2010?

The cast of Death and Taxes - 2010 includes: Julia Butterfly Hill


Can you file your taxes if your parents claim you?

no


How many children can you claim on your taxes?

Whatever you like if the taxes is big enoguh.


What happens if you claimed yourself and your parent claimed you as a dependent on taxes?

you will have to pay your own taxes not your parents.


What is the only thing that is certain?

Death and taxes.


Does the benificiary pay taxes on death benefit?

no


What is the limit of human choice?

Death and taxes : )


How can you legally escapte taxes?

Only by death


What are the release dates for Death and Taxes - 2011?

Death and Taxes - 2011 was released on: USA: 12 May 2011 (Chashama Film Festival)