Legal Question in Real Estate Law in New York

Inheritance of Parent's home

Inheritance of parent's home - left to only child in will - is the $$ from sale of home considered income and taxable? (tried to submit this question before, but server dropped connection - not sure if went thru).


Asked on 2/01/08, 12:49 pm

1 Answer from Attorneys
Christopher McDonald Law Office of Mitchell Mund

Re: Inheritance of Parent's home

Assuming the property was located in NY, there should be no state or federal income taxes due in connection with the transfer from the parent to the child. However, there may be estate taxes depending on the value of the person's parent's estate. You should discuss this with your accountant or estate (probate) attorney.

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Answered on 2/01/08, 1:42 pm


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