Legal Question in Wills and Trusts in Indiana
Estate house sale
How is the value of the house in my fathers estate
calculated? Does it have to be appraised and sold for
the fair market value? My sister wants to buy the home
but at a value that is substantally lower than the
average price of homes in the neighborhood. thanks in
advance for your help
Asked on 9/16/02, 9:17 pm
1 Answer from Attorneys
Mary Ann Wunder
Wunder & Wunder
Re: Estate house sale
If your estate is large enough to be taxed for inheritance tax purposes, you must have an appraisal unless you sell during administration of the estate and in that case the state will usually accept the value on the purchase agreement. If the estate is not subject to inheritance tax, the property can be sold to any heir or devisee at any price all heirs and devisees are agreeable to.
Answered on 9/17/02, 9:17 am
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