Jump to content

Inheritance Tax (or any other kind)


Recommended Posts

How did you "get the house in your name?"

Assuming everyone and the house is in Texas, then you shouldn't own anything in taxes.  The Texas and federal inheritance tax exemption in 2021 was $11.7 million.  The house should "step up" on your parent's death to the value on that day.  You (or the estate) would be responsible for IRS taxes on appreciation from their date of death until it is sold.  I would still want a CPA to handle all that.

  • Hook 'Em 1
Link to comment
Share on other sites

  On 4/28/2022 at 1:58 PM, Dr Fear said:

How did you "get the house in your name?"

Assuming everyone and the house is in Texas, then you shouldn't own anything in taxes.  The Texas and federal inheritance tax exemption in 2021 was $11.7 million.  The house should "step up" on your parent's death to the value on that day.  You (or the estate) would be responsible for IRS taxes on appreciation from their date of death until it is sold.  I would still want a CPA to handle all that.

Expand  

Yeah, you need to file a final tax return for the deceased and an estate tax return that will establish no liability as well as the "stepped up" basis for any inherited property.

Link to comment
Share on other sites

  On 4/28/2022 at 1:58 PM, Dr Fear said:

How did you "get the house in your name?"

 

Expand  

Several years ago we filed a "Transfer Upon Death Deed".  Upon death I filed an "Affidavit of Death".  County now has it in my name.

So, I need a CPA instead of a lawyer?  Get one here in Austin near me, or in the county the house is?  I'm floundering here, never inherited or sold a house before. 

 

Link to comment
Share on other sites

  On 4/28/2022 at 9:11 PM, Horn_Spanker said:

Several years ago we filed a "Transfer Upon Death Deed".  Upon death I filed an "Affidavit of Death".  County now has it in my name.

So, I need a CPA instead of a lawyer?  Get one here in Austin near me, or in the county the house is?  I'm floundering here, never inherited or sold a house before. 

 

Expand  

As far as selling the house, those of us on the real estate thread on 6th board will be happy to hold your hand the entire way. 

Link to comment
Share on other sites

  On 4/28/2022 at 9:11 PM, Horn_Spanker said:
Several years ago we filed a "Transfer Upon Death Deed".  Upon death I filed an "Affidavit of Death".  County now has it in my name.
So, I need a CPA instead of a lawyer?  Get one here in Austin near me, or in the county the house is?  I'm floundering here, never inherited or sold a house before. 
 

Get one local who you can work with. No reason they need to be in the same county as house.
Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.



×
×
  • Create New...