Legal Question in Wills and Trusts in New York
Estate tax
Should my mom pass away, I inherit her home. The deed does not have my name on it. When I go to sell the house, do I pay an estate tax? So leet's assume the house sells for $500K the Bronx, New York, what would the estate tax come to? Do you recommend that the home be placed in my name?
Asked on 3/21/07, 1:15 pm
2 Answers from Attorneys
Norman Nadel
Norman Nadel, Esq.
Re: Estate tax
If that is her only property, there will be no estate tax to be paid. If the value of all property is under $1 million there is no New York estate tax. If under $2 million, there is no federal estate tax.
Answered on 3/21/07, 2:25 pm
Michael Moberg
Moberg & Associates
Re: Estate tax
Mr. Nadel is correct and in addition, there will not be a capital gains tax on the property either if it is inherited upon death.
Answered on 3/22/07, 10:13 am
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