Legal Question in Tax Law in California

My deceased mother's home was just sold. Is my inheiritance from the sale taxable? The county assessment shows a value of 305,000. The property sold for 2,200,000, (to be split between four siblings).


Asked on 10/03/10, 8:34 pm

1 Answer from Attorneys
Mayer Nazarian Nazarian Law and Tax Group

For death's occurring in 2010, the current estate tax law provides for an unlimited exemption. As such, if your grandmother passed in 2010, her estate would not be subject to any estate taxes, and your inheritance would likely be $550,000.

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Answered on 10/08/10, 10:17 pm


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