Legal Question in Wills and Trusts in California
Probate Tax problem
My uncles estate was appraised by probate referee and no federal taxes were due.
some Ca. state taxes were paid as they base tax on the gross estate.
Now two years late,r the property will sell for enough to put the estate over the taxable threshold as property values have risen.
Question, Since it will sell while in probate will federal taxes be payable or will the value establised by the court referee still hold for tax purposes ?
1 Answer from Attorneys
Re: Probate Tax problem
Value on the date of death determines the taxable estate. However, the estate, as a separate taxable entity, may have to report taxable gains for the value of assets appreciating after date of death. Presumably, you have an estate attorney helping you on this. As for California inheritance taxes, I think you must have mistaken the tax paid for something else, unless your uncle died a long time ago, say about 1982.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
