Help with estate and inheritance tax!? - minnesota estate tax
My grandparents died there about 7 years old, my father died last year. Only after my father went home with my father was legalized and a 1 / 3 interest. I need your personal representative and the need to hand between my brother and I shares (approximately 15,000 pieces), I pay taxes for Minnesota?
Monday, January 4, 2010
Minnesota Estate Tax Help With Estate And Inheritance Tax!?
2 comments:
Maybe. It's more a question of federal taxes, real estate, even though Minnesota has something to say. This requires a skilled professional help.
In general, what you inherit is not taxable, provided that their value below the limit of the exclusion from property taxes, which, I believe, 2 million U.S. dollars. But what you say, your father has not accounted for 1 / 3 the property of their grandparents, their property. Why the house was not able to be involved in the legalization of ownership of your grandparents did not even begin to guess only, but should have been. The base cost of his father, that the pain when he inherited, rather than what was paid for the house when her grandparents bought shares, it would probably be much less. The same applies if you inherit. Your cost base (and brother), each 1 / 6 of what was the house worth the death of his father. However, since the proportion of firms received more than seven years later, we can say that the value of the property if the property receivedwould have received significantly more (after seven years of rising values) than his father, who is now receiving the income, the property is passive on the farm. The legacy of his father would be likely to not pay tax on the profits of the wealth of the establishment.
It is complicated, so you need help to fix it. If the heritage of their grandparents were quickly legalized, there would be a problem.
1. Any thing (money and property) you receive an inheritance, do not you (the recipient) pays federal taxes.
2. For tax audit responsibility of the state on the website of your state. For most states no tax.
3. If you inherit a property, its base price the market value (FMV) of property on the date of death of the deceased or the FMV (Fair Market Value) at the valuation date if alternate personal representative of the estate chooses to apply the alternate valuation.
4. If you are in the sale of the property by inheritance to set a maximum price of the basic price without the fees. However, if you sell his property at a price higher than the basis for the costs, then you decide not to pay taxes (sales price minus cost basis).
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