Legal Question in Wills and Trusts in Kansas
estate
My father had a trust before he died, including his house and small assets. We sold his house for $39,900 and a car for $3,500. Are there any taxes due?
Asked on 1/05/01, 1:24 am
1 Answer from Attorneys
Keith Koenigsdorf
Koenigsdorf Law Office
Re: estate
Assuming that he was a Kansas resident and died in the year 2000, there should not be any federal estate tax or Kansas inheritance tax imposed because the estate is under $675,000. However, if the assets gained value from the date of death to the date of distribution, his estate may be subject to income tax on that gain. The income tax, if any, would be reported on IRS Form 1040 and Kansas Form 41.
Answered on 1/05/01, 11:46 am
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