Legal Question in Wills and Trusts in Pennsylvania
Six months prior to my father's death, he sold his house. The proceeds have now become part of his estate to be divided amongst the four kids. Does his estate owe tax on the proceeds from this sale? He was 87.
Asked on 8/03/12, 4:10 am
1 Answer from Attorneys
Yes. There would be capital gains tax if the sale price was greater than whatever your father paid for it if he did not roll over the sale proceeds into a new residence.
This is a tax law question. I am not a tax attorney but you should not need a tax attorney per se. Any competent CPA should be able to assist the executor of the estate in filing final tax returns for your father with the state department of revenue and the IRS. There are inheritance taxes too but these depend on the relationship between your father and his heirs.
Answered on 8/03/12, 11:03 am
Related Questions & Answers
-
My dad died and had no will.how can i claim his bank account. Asked 7/30/12, 11:07 pm in United States Pennsylvania Probate, Trusts, Wills & Estates
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
