Legal Question in Tax Law in Massachusetts

Inheritance tax on gifted house

My father will give me the house he owns that I live in (MASS) upon his death. He is in the 50% federal tax bracket. I am poor, will I be taxed at 50% of the appraised value of the house? He is a Florida resident, will I have to pay MA state inheritance taxes as well? Will I lose my house if I cannot pay the amount of the inheritance taxes?


Asked on 12/27/01, 10:53 pm

1 Answer from Attorneys
Joel Selik www.SelikLaw.com

Re: Inheritance tax on gifted house

I am not an attorney in your state, but federally, you receive a step up in basis upon his death and thus you will not have to pay taxes on the gain. if his estate is lower than a certain amount there will be no estate taxes. You/he should consult with a good local estate planning attorney. If you would like assistance finding one, let us know.

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Answered on 12/27/01, 10:59 pm


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