Legal Question in Wills and Trusts in Florida

Inheritance tax or capital gains tax on inherited condo

My aunt who resided in Florida died in March 2005. Another niece who lives in California and I were named as beneficiaries. She had less than $40,000 in cash and a condo as assets. Ongoing expenses for the maintencance of the condo are being paid from her checking account. No distribution has been made.

1. Her lawyer says the money must be distributed within one year from date of death. Is this correct?

2. Do we owe any inheritance taxes on the cash or condo?

3. We plan to sell the condo within a few months. Do we have to pay a capital gains tax? If we do, what is it based on?

Thank you.


Asked on 2/05/06, 3:11 pm

1 Answer from Attorneys
David Slater David P. Slater, Esq.

Re: Inheritance tax or capital gains tax on inherited condo

1.no

2 no

3.no

Read more
Answered on 2/05/06, 5:33 pm


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