Legal Question in Civil Litigation in Indiana

i bought a house from my friend for 10.00 i have the paper work saying i bought the house for 10.00 my freind passsed away and his lawer say i have to pay a inhertence taxe on it why do i have to pay an inhertence taxes when i bought the house for 10.00


Asked on 3/18/10, 6:23 pm

1 Answer from Attorneys
Jay Rigdon Rockhill Pinnick LLP

Any "sale" for a nominal amount is considered a gift, not a true sale. You would have to prove that the house was really worth only $10, meaning, for example, that you would be happy to sell it for $20 and double your money. You should consult your own attorney to review the actual vale of the gift to you.

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Answered on 3/24/10, 5:55 am


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