Legal Question in Tax Law in California

inherited house in California

I know that CA. does not have a tax for things people are left in wills trusts and so on, But before I have to pay taxes on a house left to me(state and federal taxes, of course when I file MY taxes ) Doesnt the estate have to pay taxes on total estate first? I was told I would have to pay STATE when it is put in my name ASAP In addition to my own tax prep next year(seperate)And if I may just ask one more question, I dont want to sound as though Im not greatfull, but if the house left to me has tenants at this and MAJOR roof ceiling water damage and they had already told the landlord and he was getting set to fix the damage but DIED in the mixed of it all, What do I do, I dont have $$$ for this major damage and soon to be unhealthy living arrangement for the tenants??? What do I do??


Asked on 4/06/08, 2:14 pm

1 Answer from Attorneys
Lew Wiener Law Office of Lewis R Wiener

Re: inherited house in California

When you inherit property there are no taxes. The estate will may pay an estate tax if the estate is over $2,000,000.

An inheritance is not considered income to the recipient.

If the house is not in good condition you may have to try and borrow money to fix it up.

If you think the house is not worth more than the mortgage ( if any) and the cost of repairs you can disclaim your inheritance.

I suggest you speak with a real estate professional and get an idea of what the property is worth and the cost of repairs and also with an attorney ASAP.

Good luck.

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Answered on 4/06/08, 5:05 pm


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